Continental Achieved Sales Gains During Second Quarter
Continental AG achieved consolidated global sales of 8.4 billion euros during the second quarter of 2022, a 13% year-over-year increase. The company's Tires group posted a 17.1% sales increase, year-over-year.
The Tires group also achieved an adjusted EBIT margin of 13.8% for the second quarter of 2022.
The market environment during 2Q 2022 "remained extremely challenging for automotive suppliers," says Continental CEO Nikolai Setzer.
"At the same time, we are making significant progress in the development and marketing of our technologies."
Continental expects to achieve 38.3 billion euros to 40.1 billion euros in sales for the full year, with an adjusted EBIT margin of 4.7% to 5.7%. This includes additional costs of 3.5 billion euros "as a result of the massive price increases for raw materials, semi-finished products, energy and logistics," according to Continental officials.
Despite this, Katja Durfeld, Continental's chief financial officer, says the company is "optimistic for the second half of the year. We anticipate a rise in automotive production and our measures to improve earnings are also taking effect. We are therefore maintaining our outlook for the current fiscal year."