FRANKFURT (Reuters) -- Schaeffler Group has raised its sales forecast for the year after reporting strong growth at its automotive division, which helped lift the company's first-quarter earnings before interest and tax by 17 percent to 414 million euros ($567 million).
The German supplier now expects growth of more than 7 percent in 2014, up from a previous forecast of an increase of between 5 and 7 percent.
"We have laid the foundation for future profitable growth at our company. The fact that we are raising the sales guidance for 2014 emphasizes our confidence," Klaus Rosenfeld, CEO of Schaeffler, said in a statement today.
Revenues at the company's automotive division rose 11 percent to about 2.2 billion euros, the company said. Overall, Schaeffler reported company revenues rose 8 percent to 3 billion euros.
Schaeffler said first-quarter earnings were boosted by revenue growth of 26 percent in its Chinese market.
Automotive News Europe contributed to this report