Schaeffler Q3 Revenues Down 2.6%

(RTTNews) - Schaeffler AG (SCFLF.OB) Monday said its third-quarter revenues were 3.396 billion euros, down 2.6% from last year's 3.613 billion euros.

EBIT margin before special items reached 9.4% in the third quarter, compared to 9.1% last year, driven by the better-than-expected revenue development in the third quarter, in particular in the Greater China region.

The company said the development of earnings also shows that the measures to adapt costs introduced at the beginning of the year prove effective.

Schaeffler's revenues in the first nine months amounted to 8.971 billion euros, which is 15.4% below prior year's revenues of 10.839 billion euros. EBIT margin before special items in the first nine months was 4.3%, compared to last year's 8.1%.