Schaeffler posts revenues of 12.2 billion euros for the first nine months
Schaeffler AG published its results for the first nine months of 2023. The Schaeffler Group’s revenue for the reporting period amounted to 12,270 million euros (prior year: 11,790 million euros).
The 6.6 percent constant-currency increase in revenue compared to the prior-year period was especially attributable to higher volumes at all divisions. A favorable impact from sales prices in the three divisions further bolstered the revenue trend. Revenue for the third quarter of 2023 rose by 0.5 percent at constant currency to 4,062 million euros.
In the Automotive Technologies division, the 5.4 percent constant-currency revenue growth in the first nine months of the year resulted mainly from a market-driven increase in volumes at the Engine & Transmission Systems, Bearings, and Chassis Systems business divisions. The 14.5 percent constant-currency rise in revenue at the Automotive Aftermarket division was primarily driven by considerable volume growth in the Europe region. In the Industrial division, the constant-currency revenue growth of 5.7 percent in the reporting period was largely attributable to the contribution made by the Ewellix Group, which was acquired at the beginning of the year.
The Europe region saw the highest constant-currency rise in revenue of 11.1 percent. Asia/Pacific region revenue was up 8.7 percent at constant currency, while revenue in the Americas and Greater China regions was 3.7 percent and 0.2 percent above the prior-year level, respectively, at constant currency.
The Schaeffler Group generated 965 million euros (prior year: 813 million euros) in EBIT before special items in the first nine months, representing an EBIT margin before special items of 7.9 percent (prior year: 6.9 percent) and an improvement in EBIT before special items of approximately 19 percent year on year. The increase in EBIT margin before special items was largely attributable to the favorable impact of volumes and sales prices. The EBIT margin before special items for the third quarter was 8.4 percent.