Schaeffler reports strong Q1

ERJ staff report (DS)

Herzogenaurach, Germany - Schaeffler AG said it has made a good start to 2012. “We have successfully continued our growth strategy during the first quarter of 2012 despite an increasingly challenging environment. With sales increasing by six percent, our growth has again outpaced the market. We have managed to stabilise our profitability at a high level,” stated Schaeffler AG CEO Dr. Juergen M. Geissinger.

Sales for the first three months of 2012 grew by approximately six percent to €2.9 billion. EBIT of €401 million (prior year: €472 million) fell short of the higher-than-average prior year level due to the ongoing capacity expansion in the first quarter and growth-related pre-production costs.

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Press release from Schaeffler AG