Germany's Schaeffler Q1 revenues up 11.2 pct, driven by growth in China

German automotive and industrial supplier Schaeffler said Wednesday that its revenues increased at constant-currency by 11.2 percent year-on-year to 3.56 billion euros (4.33 billion U.S. dollars) in the first quarter (Q1) of 2021.

Revenues were driven by "rapid growth" in China where revenues at constant-currency surged by 57.1 percent year-on-year, Schaeffler said in a press release.

In Europe, Q1 revenues still declined slightly -- down by 0.6 percent compared to the previous year, while in the Americas region, Schaeffler recorded a growth of 6.7 percent.

Following a "heavy slump in automobile production" last year, Schaeffler's automotive technologies division increased revenues by 15.8 percent year-on-year to 2.28 billion euros in the first quarter.

Revenues in this sector in China even grew by 74.3 percent, "contributing significantly to the encouraging overall performance of the automotive technologies division," Schaeffler noted.

After posting a loss of 186 million euros in Q1 last year, Schaeffler achieved a net income of 235 million euros in Q1 2021, according to the company.