Schaeffler reported preliminary financial results for the fiscal year ended 31 December 2016. The company's sales for fiscal 2016 amounted to EUR 13.3 billion, up 3.4% year on year. EBIT was approximately EUR 1.7 billion, up 1.4% year on year. Free cash flow increased 97% y/y to approximately EUR 730 million. The company has attributed strong growth in automotive business as the main driving factor for sales growth.

The company revised earnings guidance for the year ending 31 December 2017. For the full year ending 31 December 2017, the company forecasts revenue growth of 4-5% at constant currency and an EBIT margin before special items of 12-13%. Free cash flow is expected at approximately EUR 600 million.