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Conti Earnings Soar 35%
Continental AG's net profit jumped to €701 million ($929 million) in the April-June period of 2013 from €520 million ($689 million) a year earlier.
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Continental AG's net profit jumped to €701 million ($929 million) in the April-June period of 2013 from €520 million ($689 million) a year earlier. Revenue grew 4% to €8.5 billion ($11.3 billion).
Second-quarter earnings before interest and taxes rose 2% year on year to €883 million ($1.2 billion).
The company says the benefits of lower raw materials costs and stronger demand in China and the U.S. in the second quarter more than offset weak demand in Europe.
But Conti notes that Europe's sales remain sluggish and expects expansion to cool in Asia and North America. As a result, the company trimmed its full-year revenue outlook to about €34 billion ($ 45.1 billion) from its previous estimate of €34.3 billion ($45.5 billion). Conti generated sales of €32.6 billion ($43.2 billion) in 2012.
CFO Wolfgang Schaeffer tells reporters that Europe's vehicle production, which fell 6% in the first six months of this year, has bottomed out and could begin to rebound in the second half of this year.
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