BERLIN (dpa-AFX) - Schaeffler (SCFLF.OB) reported that Group's revenue for the first quarter totaled EUR 3.56 billion, versus EUR 3.28 billion in the year-ago quarter. The company attributed the constant-currency growth of 11.2 percent to the considerable recovery of the Automotive Technologies division.
The company reported EBIT before special items for the first three months of 2021 to EUR 403 million, versus EUR 212 million in the year-ago quarter.
Net income attributable to shareholders before special items increased to EUR 247 million from EUR 101 million in the last year period. Net income was EUR 235 million, versus loss EUR 186 million prior year period.
Looking ahead, Schaeffler Group has raised its full-year guidance and now expects revenue growth of more than 10 percent at constant currency and an increase in global production of passenger cars and light commercial vehicles by approximately 10 percent to 82 million vehicles produced.
The company now expects to generate an EBIT margin before special items of 7 to 9 percent in 2021.
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