Continental revises outlook for rest of 2010
Continental AG is revising its outlook for 2010 to reflect "its good first half-year results and the continuing positive trend in market conditions," according to officials from the company.
According to preliminary figures, Continental's consolidated net sales for the first six months of 2010 increased to 12.5 billion euros ($15.4 billion U.S.) vs. 9.1 billion euros ($11.2 billion) posted during the same period in 2009.
"Based upon these preliminary results... we believe that an increase of approximately 15% in consolidated sales over last year's figure of close to 20 billion euros is being realistic for 2010," says Continental CEO Dr. Elmar Degenhart. However, the company also expects to take a 250 million euro hit during the second half of 2010 due to rising raw material costs, mostly natural rubber.