}
| 11:09 PM EST

Schaeffler Profit Dips 1% on European Industrial Slowdown


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Schaeffler Group posted net income of €233 million in the first quarter of this year compared with €235 million a year earlier. Revenue slid 4% to €2.8 billion.

The precision bearings maker's earnings before interest and taxes dropped 11% year on year to €355 million in the January-March period, or 12.9% of sales.

Stronger auto demand in Asia and North America helped Schaeffler's automotive unit boost sales 3% to €2 billion, the company says. But revenue fell 15% to €768 million at its industrial business because of Europe's economic slowdown.

Schaeffler shrunk its debt by €300 million from the end of 2012 to €6.8 billion on March 31. The company had free cash flow of €52 million in the first quarter compared to a €107 million outflow a year earlier.

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