Sales down, earnings up for Continental
Continental AG posted sales of 5.3 billion euros during the third quarter vs. 5.8 billion euros generated during the same period last year. The company's adjusted earnings before interest and tax (EBIT) totaled 413 million euros, up from 319 million euros during 3Q 2008.
Continental's Rubber Group, which includes its tire divisions, generated sales of 2.1 billion euros during 3Q 2009 vs. 2.4 billion euros during the same period last year. However, the Rubber Group's EBIT rose to 250.5 million euros from 232.5 million euros during the same period in 2008.
"We envision a significant year-on-year improvement in sales and EBIT in the final quarter" of the year, say Continental officials, who admit the Hanover, Germany-based company will incur "additional restructuring expenses for the planned works closures and production adjustments previously announced."