Schaeffler reports strong Q3

ERJ staff report (DS)

Herzogenaurach, Germany -- Schaeffler Group reported healthy results for the third quarrter. Sales rose by 31 percent in the first nine months of 2010 to €7.0 billion (compared to around €5.4 billion in the same period of the previous year). Schaeffler generated earnings before interest and taxes (EBIT) of €1.1 billion (€0.3 billion) over the first nine months from business operations. The EBIT margin increased to 16.2 percent (5.5 percent) and is thus above the long-term average.

The company's net financial debt was around euro 5.8 billion at the end of September, representing a debt reduction of euro 368 million compared with the end of the previous year. Schaeffler Group CFO Klaus Rosenfeld commented: “Our financing situation has further eased in the third quarter. Free cash flow is developing in a sustainably positive manner. This means we are in a comfortable position to reduce debt further."

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Press release from Schaeffler