The Schaeffler Group generated first quarter revenue of 3.3 billion euros (approximately $3.6 billion USD). This represents a 12.4 percent growth rate compared to the prior year, 5.3 percent excluding the impact of currency translation.

Schaeffler said the favorable revenue trend was driven by the company’s automotive business. With its growth rate of 13.5 percent compared to the prior year (+6.7 percent at constant currency), Schaeffler’s automotive division again outpaced the production volumes of passenger cars and light commercial vehicles in terms of growth (+0.6 percent). The automotive division benefitted from the continuing high demand for its products, especially in the key sales markets of China and the U.S. Industrial business revenue rose by 9.3 percent (+1.3 percent at constant currency). Growth was strongest in Schaeffler’s Greater China region, where high demand in the rail vehicles and wind power sectors favorably affected revenue.

“Currency translation made a significant favorable impact on our revenue in the first quarter of 2015. However, all business divisions increased their revenue on a constant currency basis, as well,” said Chief Financial Officer Dr. Ulrich Hauck. Revenue grew fastest in the Schaeffler Group’s Greater China region, rising by 40 percent (+17 percent at constant currency) over prior year there, followed by the group’s Americas region, where revenue increased by 26 percent (+12 percent at constant currency). The Asia/Pacific region experienced revenue growth of 7 percent (-5 percent at constant currency), while the Europe region grew its revenue by 4 percent (+3 percent at constant currency).

In addition, the number of employees has increased by more than 1,000 from the end of 2014, rising to approximately 83,300 at the end of the first quarter. The company recruited skilled personnel primarily in production and production-related areas, mainly in its Europe and Greater China regions.