Schaeffler delivers encouraging strong 3rd quarter in difficult environment

Global automotive and industrial supplier Schaeffler has presented its interim statement for the first nine months of 2022. The Schaeffler Group’s revenue for the reporting period amounted to 11,790 million euros (prior year: 10,346 million euros). The 8.7 percent constant-currency growth in revenue compared to the prior year period was largely attributable to higher volumes. Successful price realization at all three divisions further bolstered the revenue trend since considerable rises in input costs were increasingly passed on to the market. Revenues for the third quarter of 2022 rose strongly by 20.2 percent at constant currency to 4,242 million euros (prior year: 3,332 million euros).

All regions contributed to revenue growth during the reporting period. Especially the Europe and Americas regions reported considerable constant-currency growth for the first nine months of 11.2 and 11.8 percent, respectively. While revenue declined in the Greater China region in the second quarter due to lockdown measures imposed to contain the coronavirus pandemic, revenue growth for the nine-months reporting period there returned to 2.7 percent at constant currency. The third-quarter sales grew 24.8 percent in constant-currency terms following an 12,5 percent decrease in the prior quarter. The Asia/Pacific region contributed constant-currency revenue growth of 6.0 percent.

The Schaeffler Group reported 813 million euros (prior year: 962 million euros) in EBIT before special items in the first nine months. This represents an EBIT margin before special items of 6.9 percent (prior year: 9.3 percent). The EBIT margin before special items was hampered by high freight and logistics costs. The adjusted third-quarter EBIT margin was 8.4 percent.

“In the first nine months Schaeffler delivered good results, despite the difficult environment. All divisions succeeded in passing the higher input costs on to the market. Our cost and capital discipline are key in ensuring competitiveness and improving profitability,” stated Claus Bauer, CFO of Schaeffler AG.

The Board of Managing Directors of Schaeffler AG has decided to take additional structural measures in the Automotive Technologies division in order to further improve its competitive position and reduce fixed costs.

To read more about the performance of Schaeffler's divisions, continue here.