Schaeffler’s First Quarter Revenue Rises to €4.152 Billion from €3.758 Billion

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German car parts supplier Schaeffler on Tuesday reported a decline in earnings before interest and taxes (EBIT) for the first quarter, mainly due to a surge in special items.

However, the company, which makes rolling element bearings, recorded a rise in revenue, driven by a firm performance by all segments and regions.

For the three-month period, the company posted EBIT of €244 million ($268 million), compared with €247 million, posted for the same period of 2022.

Special items for the period surged to €92 million from last year’s €11 million. EBIT before special items stood at €336 million. Revenue for the period improved to €4.152 billion from €3.758 billion.

Klaus Rosenfeld, chief executive of Schaeffler, said: “Schaeffler grew by more than 10% in the first three months of the year – a development driven first and foremost by the Automotive Aftermarket and Industrial divisions. The improvement in the EBIT margin before special items to 8.1% to which the Automotive Technologies and Automotive Aftermarkets made a particularly strong contribution, was encouraging and also deserves special mention.”