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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).
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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.
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