Schaeffler Group continued along its growth path during the first quarter of 2014. Its revenue increased by 8.0 percent 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 percent.
"We started very well into the year 2014. The key driver of the positive revenue development in the first quarter 2014 was again our Automotive business," said Klaus Rosenfeld, CEO and CFO of Schaeffler AG. Automotive division revenue increased by 11.3 percent to approximately €2.2 billion. At constant currency, the division achieved a growth rate of 14.4 percent, significantly higher than the growth in global vehicle production. Industrial division revenue for the first three months of 2014 declined slightly by 0.7 percent 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 percent.
At 26 percent, the Greater China region reported the highest growth rate compared to the prior year quarter, followed by the Asia/Pacific region, where revenue increased by 10 percent. The newly established regions Europe and Americas experienced revenue growth of 7 and 2 percent, respectively, compared to the first quarter of 2013.