Continental achieves first half gains
Continental AG´s sales for the first half of 2004 totaled $7.5 billion, including foreign exchange effects and changes in scope of consolidation, a 9% increase over the same period last year.
Despite costs due to Continental´s restructuring of its passenger tire operations in the United States, the company grew its first half consolidated net operating results to $594.6 million, a 21.4% jump from the first six months of 2003.
Consolidated net income after taxes totaled $271.8 million vs. $216.1 million during the first half of 2003.
"We have once again demonstrated our ability to grow in a phase when the global automotive economy continues to be rather sluggish," says Continental Chairman Manfred Wennemer.
Continental´s passenger and light truck tire sales grew 8.3% during the first half to $2.3 billion, including exchange rate effects.
The German tiremaker´s commercial tire sales rose 10%.
"We anticipate that consolidated sales will increase for 2004 as a whole."