The Franconian automotive and industrial supplier Schaeffler is feeling the effects of the global chip crisis. There were significant losses in the automotive sector in the third quarter, CEO Klaus Rosenfeld told Deutsche Presse-Agentur on Tuesday. "Of course, we have not been able to completely decouple ourselves from the automotive sector." The Industrial division, where Schaeffler manufactures bearings for wind turbines and aircraft turbines, for example, grew strongly. "It makes perfect sense to operate both business segments side by side," said Rosenfeld.

Thanks to the industrial business, Schaeffler was able to maintain its forecast for the full year in terms of profit margin. However, the forecast for sales had to be adjusted. Schaeffler now only expects growth of more than seven percent, compared to the previously expected eleven percent.

The family-owned company's revenue increased by 15.9% at constant currency in the first nine months. In e-mobility, where Schaeffler manufactures drive components for electric vehicles, among other things, there was even growth of more than 22%.

In the third quarter, however, revenue fell by three percent compared to the same period last year, as the company reported. The industrial sector partially compensated for stronger declines in the automotive sector. The car division shrank by 12.2%. "The demand for cars is there, but the supply is not," said Rosenfeld. The crisis will continue well into the coming year. Rosenfeld spoke of "quite a bit of tension in the market".

Schaeffler generated a total turnover of 10.35 billion euros from January to September, compared to 8.96 billion euros in the same period of 2020. Earnings before interest and taxes (EBIT) excluding special items amounted to 994 million euros after 376 million euros in the prior-year period. Based on the third quarter, however, Schaeffler also had to accept a decline here: EUR 272 million in the current year after EUR 322 million in the prior-year period.