BERLIN (dpa-AFX) - Schaeffler AG (SCFLF.OB), a German maker of rolling element bearings, on Tuesday reported a decline in earnings before interest and taxes or EBIT for the first-quarter, mainly due to a surge in special items. However, the company recorded a rise in revenue, driven by a firm performance by all segments and regions.
For the three-month period, the Herzogenaurach-headquartered company posted EBIT of 244 million euros, compared with 247 million euros, posted for the same period of 2022.
Special items for the period surged to 92 million euros from last year's 11 million euros.
EBIT before special items stood at 336 million euros, higher than 258 million euros of previous year quarter.
Revenue for the period improved to 4.152 billion euros from 3.758 billion euros for last year period.
Klaus Rosenfeld, CEO of Schaeffler, said: 'Schaeffler grew by more than 10 percent 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 percent, to which the Automotive Technologies and Automotive Aftermarkets made a particularly strong contribution, was encouraging and also deserves special mention.'
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