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4-Traders Homepage  >  Equities  >  Xetra  >  Continental    CON   DE0005439004

CONTINENTAL (CON)
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Schaeffler eyes first quarter sales rebound at industrial unit

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04/26/2017 | 01:52pm CEST

BERLIN (Reuters) - German auto parts supplier Schaeffler (>> Schaeffler AG) said sales at its industrial division likely returned to growth in the first quarter after three years of declines.

BERLIN (Reuters) - German auto parts supplier Schaeffler (>> Schaeffler AG) said sales at its industrial division likely returned to growth in the first quarter after three years of declines.

Sales in industrial operations, which accounted for nearly a quarter of Schaeffler's 13.4 billion euros (11.2 billion pounds) of group revenue in 2016, are beginning to stabilise, Chief Executive Klaus Rosenfeld said on Wednesday.

Growth at the automotive division, which makes components for transmissions and engines used by major carmakers including Volkswagen (>> Volkswagen AG) and Daimler (>> Daimler AG), continues to outpace global car markets, the CEO said.

"We have started well this business year," Rosenfeld said at Schaeffler's annual general meeting in Nuremberg.

But it will be difficult to sustain strong margins in automotive operations given rising steel prices, high R&D costs and heightening competition, the CEO said. Last year, the division reported a 14.4 percent margin before special effects, compared with 7 percent in industrial operations.

Counting on new business opportunities from an expected rise in demand for electric cars, the increasing web-connectedness of traditional industry and digitisation, Schaeffler aims to increase sales by as much as 6 percent per year by 2020, compared with 3.4 percent last year.

Schaeffler, which owns a 46-percent stake in rival Continental AG (>> Continental AG) and is listed on Germany's mid-cap index MDAX <.MDAXI>, is scheduled to publish first-quarter results on May 11.

(Reporting by Andreas Cremer; Editing by Maria Sheahan)

Stocks treated in this article : Continental AG, Daimler AG, Volkswagen AG, Schaeffler AG
Stocks mentioned in the article
ChangeLast1st jan.
DAIMLER -0.12% 65.12 Delayed Quote.-8.02%
MDAX -0.14% 25983.35 Delayed Quote.-0.83%
SCHAEFFLER -0.60% 13.22 Delayed Quote.-10.59%
VOLKSWAGEN -1.26% 171.1 Delayed Quote.2.79%
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Financials (€)
Sales 2018 46 312 M
EBIT 2018 5 025 M
Net income 2018 3 377 M
Debt 2018 2 448 M
Yield 2018 2,27%
P/E ratio 2018 13,08
P/E ratio 2019 11,94
EV / Sales 2018 1,00x
EV / Sales 2019 0,88x
Capitalization 44 041 M
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 247 €
Spread / Average Target 12%
EPS Revisions
Managers
NameTitle
Elmar Degenhart Chairman-Executive Board
Wolfgang W. Reitzle Chairman-Supervisory Board
Wolfgang Schäfer Head-Finance, Controlling, Compliance, Law & IT
Michael Iglhaut Member-Supervisory Board
Dirk Nordmann Member-Supervisory Board
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APTIV1.74%22 928
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MAGNA INTERNATIONAL INC.3.92%21 130
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