Schaeffler confirms 2012 outlook as Q1 EBIT drops

Newswire

BERLIN, May 29 (Reuters) - Indebted German auto parts supplier Schaeffler reaffirmed its business outlook for 2012 on Tuesday, targeting revenue growth of more than 5 percent and an EBIT margin of more than 13 percent. Schaeffler, the biggest shareholder in German auto parts and tyre maker Continental, said first-quarter earnings before interest and tax (EBIT) plunged 14.9 percent to 401 million euros ($502.77 million) on upfront costs to increase capacities. ($1 = 0.7976 euros) (Reporting ...

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