BERLIN (dpa-AFX) - German automotive and industrial supplier Schaeffler (SCFLF.OB) reported that its first quarter EBIT before special items declined to 258 million euros from 397 million euros in the previous year.
But quarterly revenue grew to 3.76 billion euros from 3.56 billion euros in the prior year. It represented constant-currency revenue growth of 1.9 percent.
Schaeffler has published new full-year guidance that it had suspended in March, due to the developments in Ukraine.
The company expects its full-year 2022 revenue to grow by 6 to 8 percent at constant currency in 2022. It expects to generate a full-year EBIT margin, before special items, of 5 to 7 percent in 2022. It also anticipates more than 250 million euros in free cash flow before cash in- and outflows for M&A activities for 2022 but below previous year.
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