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Continental Income Drops 9%
Continental AG posted a net profit of €441 million ($578 million) in the first quarter of this year compared to €483 million ($634 million) a year earlier.
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Continental AG posted a net profit of €441 million ($578 million) in the first quarter of this year compared to €483 million ($634 million) a year earlier. Revenue slipped 3% to €8 billion ($10.5 billion).
Earnings before interest and taxes fell 5% to €747 million ($980 million), partly because of high R&D costs. EBIT adjusted to exclude one-time items dropped 10% to €796 million ($1 billion) for a 10% return on sales compared with 10.7% in the January-March period of 2012.
Conti predicts that declining prices for natural and synthetic rubber will boost income at its tiremaking unit in the second half of this year. The company also expects a pick-up in purchases of replacement tires, which were delayed by prolonged cold weather.
Conti reiterates its full-year outlook of a 5% increase in revenue to more than €34 billion ($44.6 billion) and a return on adjusted EBIT of more than 10%.
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