Engineering giant Schaeffler has dropped in revenue throughout 2020, but the drop in the third quarter was far less than may have been expected, mainly due to it’s two automotive divisions performing well.
Overall, third quarter revenue was slightly below prior year quarter (down 2.6 percent) with the aftermarket division falling only slightly short of the prior year level (down 0.2 percent at constant currency).
The aftermarket division reported a volume-driven constant-currency drop in revenue of 9.7 percent to 1,203 million euros for the first nine months of 2020 (prior year: 1,386 million euros). Having declined by 14.8 percent at constant currency in the first six months, mainly due to the coronavirus pandemic, revenue for the third quarter fell only slightly short of the prior year level (down 0.2 percent at constant currency).
Meanwhile the OE division has declined 18.2 percent in the first half, due to worldwide car production declining around 23 percent in that period, but in the third quarter revenue increased ‘considerably’ worldwide with a year-on-year growth of 14.2 percent in Greater China for the reporting period.
The industrial divisions were hit hardest, though the wind and power transmission sectors continue to expand ‘considerably’, again fuelled by demand in Greater China.