Strong 3rd quarter 2020

Schaeffler reports a strong third quarter 2020, although slightly declining compared to the third quarter of the prior year. Third-quarter EBIT margin significantly improved from first six months (1.2 percent).

Global automotive and industrial supplier Schaeffler presented its interim report for the first nine months of 2020. In the third quarter demand improved reducing the decline from the third quarter of the prior year to only 2.6 percent.

The two Automotive divisions drive recovery

Recovery in 3rd quarter was primarily driven by the two Automotive divisions; Industrial division revenue trend improved slightly compared to first half of 2020. The programs initiated at the three divisions in the spring of 2019 – RACE (Automotive Technologies), GRIP (Automotive Aftermarket), and FIT (Industrial) – are making the intended impact. The structural and efficiency measures initiated in this context have helped reduce cost of sales.
Free cash flow before cash in- and outflows for M&A activities was slightly below prior year quarter.