Retail

Continental shares 1Q results with shareholders

Posted on April 28, 2011

Continental AG posted earnings before interest and taxes of 634 million euros on consolidated sales of more than 7.3 billion euros for the first quarter ended March 31, 2011. That compares to EBIT of 494.4 million euros on sales of 6 billion euros for the same period in 2010.

Based on the exchange rate on March 31, 2011, Continental recorded EBIT of $893.8 million on sales of close to $10.3 billion for 1Q 2011.

At the company's annual  shareholders' meeting in Hanover, Germany, on April 28, the company described its first-quarter financial results as "solid."

“2011 began as we expected -- despite the natural disaster in Japan and its aftermath," Dr. Elmar Degenhart, executive board chairman, told shareholders. "In face of the ongoing challenges, especially those presented by high raw material prices, we anticipate at this point in time that we will comfortably achieve the targets we have set ourselves for this year.

"This is not, however, a sure-fire thing, but will require hard and dedicated work,” he said. "Continental wants to increase its sales in 2011 by 10% to more than 28.5 billion euros, once again achieving an adjusted EBIT margin of 9.7% that it attained in 2010."

The complete report on the first quarter of 2011, with net income attributable the shareholders of the parent company, will be published on May 5.

Continental recorded net income of 576 million euros on sales of 26 billion euros for its fiscal 2010. Based on the exchange rate on Dec. 31, 2011, the company posted income of $763.3 million on sales of $34.4 billion.

Related Topics: Continental financials, Earthquake, Elmar Degenhart, raw material costs

Comments ( 0 )
More Stories
The ATEQ VT31 features an easy-to-read display; user-friendly navigation and command buttons; and vehicle make, model and year look-up.
News ATEQ VT31 Can Read 100% of TPMS Sensors

ATEQ TPMS Tools LC has a new TPMS sensor activator and reader available in North America: the VT31. It is designed to read 100% of TPMS sensors. 

Soo Il Lee will become the next CEO and president of Hankook. He's worked for the tire maker for 30 years.
News Hankook Names Soo Il Lee CEO and President

Hankook Tire Co. Ltd. has named Soo Il Lee CEO and president. He will serve alongside existing CEO Hyun Bum Cho.

The Ecsta PA51 will replace two tires: the Ecsta 4X II and Ecsta PA31.
News Kumho Will Release New Tires and Boost Sports Marketing in 2018

Kumho Tire USA Inc. is building on double-digit growth in passenger and light truck sales in 2017 with new products for the marketplace and social media marketing campaigns aimed at sports fans in 2018.

Be the First to Know

Get the latest news and most popular articles from MTD delivered straight to your inbox. Stay on top of the tire industry and don't miss a thing!