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Schaeffler reports a good third quarter
This year's third quarter was only slightly below the same quarter last year - despite the corona crisis.
Schaeffler reports a good third quarter
The global automotive and industrial supplier Schaeffler today presented its interim report for the first nine months of 2020. During this period, the Schaeffler Group achieved oneSales of 8,971 million euros(Previous year: 10,839 million euros). Adjusted for currency effectsthe salesduring this period, particularly as a result of the decline in demand in connection with the coronavirus pandemicfell significantly by 15.4 percent, In the third quarter, demand improved, particularly due to an upturn in the two automotive divisions, so that the decline compared to the third quarter of the previous year was only 2.6 percent. The main reason for the decline in sales in the reporting period was the volume-related decline in sales in all three divisions.
The Schaeffler Group achieved a profit in the first nine monthsEBITbefore special items amounting to385 million euros, which is significantly below the value of theprevious yearlay (883 million euros). This corresponds to oneEBIT marginbefore special effects4.3 percent(Previous year: 8.1 percent).
TheAutomotive Technology Divisions achieved in the first nine months of 2020Sales revenuein the amount of5,429 million euros(Previous year: 6,772 million euros). Adjusted for currency effects, sales increased significantly compared to the previous year, primarily due to volumeby 18.2 percent.
TheAutomotive Aftermarket divisionrecorded during the first nine months of 2020 with oneSales volumefrom1,203 million euros(previous year: 1,386 million euros) a volume-related decline in sales of 9.7 percent after adjusting for currency effects. After sales fell by 14.8 percent after currency adjustments in the first half of the year, primarily as a result of the coronavirus pandemic, sales in the third quarter were only slightly below the previous year's level (minus 0.2 percent after currency adjustments).
The Schaeffler Group is counting on thisFull year 2020with a currency adjustedSales decline of 11.5 to 13.0 percent. At the same time, the company expects to achieve an EBIT margin before special items of 4.5 to 5.5 percent for the full year 2020. For 2020, the Schaeffler Group also expects free cash flow before deposits and withdrawals for M&A activities of between 500 and 600 million euros.