HERZOGENAURACH, Germany (Sept. 2, 2010)—Schaeffler Group reported higher sales for the first six month of the year, but a $507.5 million charge connected to a rights issue at Continental result in a net loss of $333.1 million.
Sales rose 31 percent in the first half of 2010 to around $5.89 billion.
For all of 2010, the company expects sales to exceed $10.3 billion, with an EBIT margin of more than 10 percent.