family business
Industrial division compensates for auto problems at Schaeffler
An axle with coupling at the International Motor Show (IAA Mobility) at the Schaeffler stand. Photo: Sven Hoppe / dpa
© dpa-infocom GmbH
The weakness of the automotive industry is also causing problems for the Franconian supplier Schaeffler. CEO Klaus Rosenfeld is happy that the group has another important mainstay.
The Franconian auto and industrial supplier Schaeffler is feeling the effects of the global chip crisis. In the automotive sector there were significant losses in the third quarter, CEO Klaus Rosenfeld told the German press agency on Tuesday.
“Of course we at Automotive have not been able to completely decouple ourselves from the industry.” The industrial sector, where Schaeffler manufactures bearings for wind turbines or aircraft turbines, for example, has grown significantly. “It makes perfect sense to operate both business areas side by side,” said Rosenfeld. Thanks to the industrial business, Schaeffler can maintain its forecast for the full year.
Strong growth in e-mobility
In the first nine months, sales of the family business rose by 15.9 percent after adjusting for currency effects. In e-mobility, where Schaeffler manufactures drive components for electric vehicles, among other things, there was even growth of more than 22 percent.
In the third quarter, however, revenue fell by three percent compared to the same period last year, as the company reported. The industrial sector has partly offset stronger declines in the auto division. The auto sector shrank by 12.2 percent. “The demand for cars is there, but the supply is not coming,” said Rosenfeld. The crisis will clearly drag on into the coming year. Rosenfeld spoke of “considerable tension in the market”.
Schaeffler had a total turnover of 10.35 billion euros from January to September, compared to 8.96 billion euros in the same period of 2020. Earnings before interest and taxes (EBIT) excluding special items were EUR 994 million after EUR 376 million in the same period of the previous year. In relation to the third quarter, Schaeffler also had to accept a decline here: 272 million in the current year after 322 million in the same period of the previous year.