BERLIN (dpa-AFX) - Schaeffler Group reported that its EBIT before special items for the first nine months of 2020 was 385 million euros down from 883 million euros in the prior year. EBIT for the latest-period was adversely affected by 798 million euros in special items.
Revenue for the latest-period was 8.97 billion euros, down from 10.84 billion euros in the previous year.
As a result of lower demand due to the coronavirus pandemic, revenue for the period decreased considerably at constant currency, falling by 15.4 percent.
Schaeffler Group said it expects its full-year revenue to decline by 11.5 percent to 13.0 percent at constant currency in 2020. In addition, the company expects to generate a full-year EBIT margin, before special items, of 4.5 to 5.5 percent in 2020.
The company also anticipates between 500 to 600 million euros in free cash flow before cash in- and outflows for M&A activities for 2020.
On March 24, the company had suspended its full-year guidance for 2020 and, due to the extraordinary uncertainty related to the coronavirus pandemic, had recently been anticipating results below prior year levels.
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