Continental shares 1Q results with shareholders
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.