The Schaeffler Group's revenue for the reporting period amounted to 3,560 million euros (prior year: 3,281 million euros). The 11.2 percent increase excluding the impact of currency translation is primarily attributable to the significant recovery of the Automotive Technologies division after the prior year period's revenue trend had been negatively impacted by a sharp decline in automobile production due to the coronavirus pandemic. Currency-adjusted sales revenue in the Automotive Aftermarket and Industrial divisions rose by 4.0% and 3.9% respectively compared to the same quarter of the previous year.

The Schaeffler Group generated EBIT before special items of EUR 403 million in the first three months (prior year: EUR 212 million). This corresponds to an EBIT margin before special items of 11.3 percent (prior year: 6.5 percent). The improvement compared to the previous year is mainly due to economies of scale. In addition, the structural measures introduced in recent years are increasingly taking effect.

Earnings in the reporting period were impacted by one-off effects amounting to 15 million euros (previous year: 302 million euros). EBIT amounted to 388 million euros (previous year: minus 90 million euros). This includes expenses for restructuring as part of the divisional sub-programs of Roadmap 2025.

Forecast for 2021 raised

The Schaeffler Group has raised its guidance for 2021 and now expects revenue growth of more than 10 percent at constant currency (previously more than 7 percent). This figure is based in particular on an increased market estimate for global growth in the production of passenger cars and light commercial vehicles. The Schaeffler Group currently expects global production of passenger cars and light commercial vehicles to increase by approximately 10 percent to 82 million vehicles produced. The market estimates for the Automotive Aftermarket division remain largely unchanged. An improved market estimate is assumed for the Industrial division.

On this basis, the company expects to generate an EBIT margin before special items of 7 to 9 percent in 2021 (previously 6 to 8 percent). In addition, the Schaeffler Group now expects free cash flow before cash in- and outflows for M&A activities of more than 300 million euros (previously: around 100 million euros) in 2021 compared to the prior year.