Schaeffler: Good Q1 2022

Schaeffler: Good Q1 2022

The automotive and industrial supplier Schaeffler has published its quarterly report for the first three months of 2022. In the reporting period, the Schaeffler Group's sales were 3,758 million euros (previous year: 3,560 million euros). The currency-adjusted increase in sales revenue of 1.9 percent is primarily due to price increases, as it was possible to increasingly pass on sharply increased procurement costs into the market.

While sales revenue in the Automotive Technologies division fell by 3.2 percent after adjusting for currency effects, the Industrial division was able to increase sales by 15.7 percent after adjusting for currency effects. Sales in the Automotive Aftermarket division grew by 2.1 percent after adjusting for currency effects.

In the first three months, the Schaeffler Group achieved an EBIT before special items of 258 million euros (previous year: 397 million euros), with an EBIT margin before special items of 6.9 percent (previous year: 11.2 percent).

The change compared to the strong first quarter of the previous year, which was characterized by significant catch-up effects in the wake of the coronavirus pandemic, is primarily due to the sharp increase in procurement costs, some of which were passed on to customers.