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Continental posts gains during first quarter

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Having achieved first quarter sales of 6.6 billion euros, a 67% increase over first quarter 2007 sales, Continental AG says it's on target to reach its goals for 2008.

"Despite the... unsatisfactory trends in the tire markets, we have clearly exceeded our expectations for the corporation as a whole," says Continental Chairman Manfred Wennemer. "Backed by solid results for the first three months, we are confident that we will achieve our targets for the year."

Continental's consolidated EBITDA for the first quarter was 884 million euros, 270.4 million euros more than during the same period last year.

Continental's Passenger and Light Truck Tires division posted 1.2 billion euros versus 1.14 billion during the first three months of 2007.

Meanwhile, the company's Commercial Vehicle Tires unit achieved sales of 798.4 million, a 17.5 million euro increase over the same period in 2007.

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