SCHAEFFLER - 4Q15 RESULTS
​Schaeffler AG, the listed German auto parts and industrial supplier, has released positive 4Q15 results. The automotive division (74% of revenues) grew +3.8% yoy at constant FX to €2,482m and impressively continued to outperform the market’s estimated growth of c. +0.5% in the fourth quarter. The industrial division is a whole another story. This quarter’s -6.1% yoy drop at constant FX is the biggest of the year. The company’s turnaround plan for industrial activities, which was announced last quarter, will take time to materialize in the accounts.
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