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May 12, 2021, 2:26 a.m. EDT

Schaeffler lifts 2021 views, swings to profit

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By Olivia Bugault

Schaeffler AG raised its 2021 guidance on Wednesday as it said global production levels of passenger cars and light vehicles are set to be higher than previously expected.

The German auto-parts supplier said it now expects its revenue to grow by more than 10% this year at constant currency compared with a previous forecast of more than 7%. The company booked 3.56 billion euros ($4.33 billion) in revenue for the first quarter, in line with preliminary results released in April.

Schaeffler also said it now expect an earnings before interest and taxes margin of 7% to 9% in 2021, which compares with a previous outlook of 6% to 8%. For the first three months of the year, the company posted an EBIT of EUR388 million and an EBIT margin before special items of 11.3%.

The company posted a net profit of EUR235 million for its first quarter compared with a loss of EUR186 million the year prior.

Write to Olivia Bugault at olivia.bugault@wsj.com

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