FRANKFURT (Reuters) -- Germans supplier Schaeffler Group
said today that first-half earnings before interest and tax rose 9 percent and profit margins improved because of a 35 percent jump in sales in China
The Germany-based ball bearings maker reiterated its outlook for the year.
Schaeffler said its EBIT rose to 787 million euros thanks to sales growth in Asia, the U.S. and Europe where Italy and Spain helped lift grwth.
Despite geopolitical turmoil, Schaeffler said it continues to expect an operating EBIT margin of between 12 percent and 13 percent for the full year and sales growth in excess of 7 percent.
In the first half, Schaeffler's EBIT margin was 13.1 percent, up from 12.9 percent in the year-earlier period.
Schaeffler ranks No. 24 on the Automotive News Europe list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $8.2 billion in 2013.
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