Schaeffler Group Posts Drop In Q1 Profit

Schaeffler Group reported a drop in its earnings in the first quarter. Schaeffler's quarterly net profit dropped to EUR236 million, versus EUR438 million, in the year-ago period. Its sales rose 6% to EUR2.86 billion. Its earnings before interest and taxes declined to EUR401 million from EUR472 million, while its EBIT margin fell to 14% from 17.5%.