Continental sells 20 million-plus consumer tires
When its 2010 annual report is completed, Continental AG said its sales will top $33.8 billion.
Previewing its 2010 results at the North American International Auto Show in Detroit, Mich., on Jan. 11, Continental said it benefited from "the momentum in the rebounding auto industry" in the fourth quarter. The company also projected its earnings before interest and taxes (EBIT).
In addition, the company's Passenger and Light Truck Tires division sold more than 20 million units last year, including a record number of winter tires.
"On the wings of better-than-expected business in the last three months of the year, we realized sales of over 25.5 billion euros in 2010," said Dr. Elmar Degenhart, chairman of the executive board, to show attendees.
"And despite an additional year-on-year cost burden in the Rubber Group of approximately 480 million euros ($635.8 million) due to the fact that raw material prices were at a record high in 2010, the adjusted EBIT margin of the corporation for the whole year 2010 will work out to around 9.5%."
He pointed out that the adjusted EBIT of the Powertrain division was above the breakeven point both in the fourth quarter and for the entire fiscal year -- a key intermediate goal of the division that was met a year earlier than planned.
(Continental defines "adjusted" as "before amortization of intangible assets from PPA, changes in the scope of consolidation, and special effects.")
The corporation will announce the final figures for the fourth quarter as well as for all of fiscal 2010 at the annual financial press conference in Frankfurt, Germany, on March 3, 2011.