Continental Raises Outlook after Good Start
- Automotive supplier publishes key data for first quarter of 2014
- Sales grow by 4.4% to around €8.4 billion
- Adjusted EBIT at €953 million
The Continental Corporation has had a successful start to the new year and is raising its outlook for adjusted EBIT. "For fiscal 2014 we intend to comfortably achieve an adjusted EBIT margin of 10.5% instead of the originally advised 10.0%," announced Continental's CEO Dr. Elmar Degenhart on Friday at the Annual Shareholders' Meeting in Hanover when presenting the key data for the first three months. In the first quarter of 2014, the sales of the international automotive supplier, tire manufacturer, and industrial partner was up by a good 4% year-on-year to around €8.4 billion. Adjusted EBIT rose by nearly 20% to approximately €953 million.
"All of our five divisions contributed to our successful start to the year. Sales and adjusted EBIT are clearly above the same quarter of the previous year. However, the first quarter of the past year presented an easy basis of comparison. Nonetheless, we are confident that we can maintain the current momentum, as the positive trend of the first three months appears to be continuing in the second quarter," said Degenhart. He added: "Our sales were again heavily impacted by exchange rate effects in the first quarter. Adjusted for these effects and changes in the scope of consolidation, sales climbed by 8.3%."
Continental will present its figures for the first quarter of 2014 on May 6.
Continental Reifen Deutschland GmbH
With sales of around €33.3 billion in 2013, Continental is among the leading automotive suppliers worldwide. As a supplier of brake systems, systems and components for powertrains and chassis, instrumentation, infotainment solutions, vehicle electronics, tires and technical elastomers, Continental contributes to enhanced driving safety and global climate protection. Continental is also an expert partner in networked automobile communication. Continental currently employs around 182,000 people in 49 countries.