Mexican Media Brands
Conti Raises Outlook as Earnings Rise 8%
Continental AG’s adjusted earnings before interest and taxes in the first quarter climbed 8% to €1.1 billion ($1.26 billion).
#economics
Share
Continental AG’s adjusted earnings before interest and taxes in the first quarter climbed 8% to €1.1 billion ($1.26 billion).
Revenue advanced 3% to €9.9 billion ($11.3 billion), but exchange rates cut the adjusted growth to 0.9%. The company has raised its adjusted EBIT margin to 11% from its previous estimate of at least 10.5%.
Conti CEO Elmar Degenhart says its automotive operations, which generate 60% of consolidated sales, gained only slightly compared with the first quarter last year. He attributes the modest improvement to cautious January-March production schedules for carmakers. He predicts the unit will “gain notable momentum” as the year progresses.
RELATED CONTENT
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.