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Germany's Schaeffler backs FY outlook after Q3 profit jump
November 20, 2014 / 9:08 AM / 3 years ago

Germany's Schaeffler backs FY outlook after Q3 profit jump

BERLIN, Nov 20 (Reuters) - Indebted German engineering group Schaeffler said on Thursday its third-quarter earnings before interest and tax (EBIT) jumped by more than a third as auto demand in core European markets recovered.

The group, which produces components and systems for automotive and industrial applications, said EBIT rose to 428 million euros ($536.7 million) from 314 million euros in the year-earlier period.

Sales increased 7.9 percent to 3.03 billion euros compared with 2.81 billion a year ago.

Herzogenaurach-based Schaeffler said it continues to expect an operating EBIT margin of between 12 and 13 percent for the full year and sales growth in excess of 7 percent, adjusted for currency swings.

1 US dollar = 0.7974 euro Reporting by Andreas Cremer; Editing by Maria Sheahan

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