Company Overview of Schaeffler Technologies AG & Co. KG
Schaeffler Technologies AG & Co. KG develops, manufactures, and sells rolling bearings, spherical plain bearings, plain bearings, and linear products for the automotive industry in Germany and internationally. The company offers engine, transmission, and chassis systems and accessories. It also provides linear rolling bearings and linear plain bearings, magnetic bearing systems, maintenance products, linear guidance systems, and engine components for mechanical engineering, aerospace, and automotive industry; clutch systems, components for transmissions, dampers, and products for passenger cars, heavy vehicles, and tractors; high-precision bearings for power units in aircraft, helicopter, an...
Founded in 1946
Key Executives for Schaeffler Technologies AG & Co. KG
Chief Executive Officer, Managing Director and Member of Management Board
Chairman of the Managing Board, Chief Executive Officer and President
Partner, Co-Owner and Deputy Chairperson of The Supervisory Board
Managing Director and Member of Management Board
Managing Director and Member of Management Board
Compensation as of Fiscal Year 2014.
Schaeffler Technologies AG & Co. KG Key Developments
Schaeffler Reports Earnings Results for the Year 2014; Provides Earnings Guidance for the Year 2015
Mar 26 15
Schaeffler reported earnings results for the year 2014. For the year, the company reported that it's net profit in 2014 soared to EUR 662 million from EUR 134 million a year earlier, boosted by growth throughout all divisions and strong demand from the automotive industry. Earnings before interest and tax (EBIT) soared 51.1% to EUR 1.52 billion. Revenues advanced 8.2% to EUR 12.1 billion.
The company predicts revenue growth of 5% to 7% in 2015. The EBIT margin is expected to be in the range of 12% to 13% this year compared with 12.6% in 2014.
Schaeffler Group Announces Earnings Results for the First Quarter of 2014; Revised Revenue Guidance for the Full Year of 2014
May 21 14
Schaeffler Group announced earnings results for the first quarter of 2014. Its revenue increased by 8.0% to approximately €3.0 billion from the first quarter of the prior year. Excluding the impact of currency translation, the Group’s operational revenue growth was 11.2%. Automotive division revenue increased by 11.3% to approximately €2.2 billion. At constant currency, the division achieved a growth rate of 14.4%, significantly higher than the growth in global vehicle production. Industrial division revenue for the first three months of 2014 declined slightly by 0.7% compared to the prior year quarter as a result of the adverse impact of currency translation. On an FX adjusted basis, revenues in the Industrial division rose by 3.1%. At 26%, the Greater China region reported the high growth rate compared to the prior year quarter, followed by the Asia/Pacific region, where revenue increased by 10%. The newly established regions Europe and Americas experienced revenue growth of 7% and 2%, respectively, compared to the first quarter of 2013. Schaeffler Group’s EBIT for the first quarter of 2014 increased by €59 million to €414 million compared with €355 million for the same period a year ago. EBIT includes the one-off positive impact of approximately €10 million from the release of provisions. Net income for the reporting period improved by €149 million to €382 million compared with €233 million for the same period a year ago. Operating cash flow of €134 million compared with €172 million for the same period a year ago, was lower than in the prior year due to an increase in funds required for working capital. Capital expenditures increased by €34 million to €155 million. Schaeffler primarily invested in new machinery concepts to strengthen its innovative ability and in the expansion of its worldwide production capacity. Net external financial debt (financial debt less cash and excluding shareholder loans) increased slightly by €80 million to €5.5 billion at the end of the first quarter of 2014 compared to December 31, 2013.
Following the good start to the new year and the strong growth of the Automotive division in the first quarter of 2014, Schaeffler Group has raised its sales guidance for the year. The company now expects to generate revenue growth of more than 7% compared with previous guidance range of 5% to 7% in 2014. Its forecast EBIT margin remains at 12% to 13%.
Schaeffler Technologies AG & Co. KG to Cut 500 Jobs at German Plant by End-2015
Oct 24 13
Schaeffler Technologies AG & Co. KG has decided to cut around 500 jobs at the company's Wuppertal plant in Germany by the end of 2015, citing surplus capacity and poor demand. The workforce at the plant, which presently employs around 1,500 people, will be set at around 1,000 - around 250 fewer than originally planned. Affected employees will be offered the option of transferring to an interim employment company from February 2014 onwards. The further job cuts will take place in 2015 through progressive retirements, voluntary contract termination agreements, and natural fluctuations.
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