logo
Plus   Neg
Share
Email

Schaeffler Q3 Revenues Down 2.6%

Schaeffler AG (SCFLF.OB) Monday said its third-quarter revenues were 3.396 billion euros, down 2.6% from last year's 3.613 billion euros.

EBIT margin before special items reached 9.4% in the third quarter, compared to 9.1% last year, driven by the better-than-expected revenue development in the third quarter, in particular in the Greater China region.

The company said the development of earnings also shows that the measures to adapt costs introduced at the beginning of the year prove effective.

Schaeffler's revenues in the first nine months amounted to 8.971 billion euros, which is 15.4% below prior year's revenues of 10.839 billion euros. EBIT margin before special items in the first nine months was 4.3%, compared to last year's 8.1%.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Santa Cruz Bicycles LLC has recalled certain model year 2020 bicycles with aluminum frames citing fall risks, according to the U.S. Consumer Product Safety Commission. The recall involves about 2,900 units of model year 2020 Auminum Santa Cruz and Juliana Bicycles. In addition, about 216 were sold in Canada. AstraZeneca is mulling an additional global trial to confirm the 90% efficacy rate of its Covid-19 vaccine candidate at lower dosage, Bloomberg news quoted Chief Executive Officer Pascal Soriot as saying. In an interview, Soriot noted that instead of adding the trial to an ongoing U.S. process, the company might launch a fresh study to evaluate efficacy of lower dosage of its vaccine that perform U.S. airline Delta Air Lines, Inc. and its Italian codeshare partner Alitalia are planning to launch quarantine-free, COVID-free flights between U.S. and Europe through new testing protocols, starting in December. In a statement, Delta said it has signed deals with airports and governments eliminating quarantine requirements on COVID-tested flights connecting Atlanta and Rome.
Follow RTT