Conti reports strong results in first half

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Conti reports strong results in first half

Post  Administrator on Fri Jul 29, 2011 1:02 pm

Conti reports strong results in first half
29 July 2011

Hanover, Germany -- Continental AG is raising its outlook for the current business year, based upon a successful first half-year with double-digit growth rates for sales and EBIT. “We had previously forecast sales of more than €28.5 billion, but we are now expecting at least €29.5 billion. We are also targeting an adjusted EBIT margin of around 10 percent, slightly more than the good 2010 figure of 9.7 percent,” said Continental Executive Board chairman Dr. Elmar Degenhart on Friday upon publication of the figures for the first half of the year.

Year-on-year, the Continental Corporation raised its sales in the first half-year by 17.6 percent to €14.9 billion. At the same time, the automotive suppliers achieved an EBIT of just under €1.3 billion, which is €270 million or 26.7 percent more than in the same period last year. The EBIT margin is 8.6 percent after 8.0 percent in 2010. Adjusted EBIT before amortization and special effects rose to nearly €1.5 billion. This represents an increase of €174 million or 13.3 percent and an adjusted EBIT margin of 10 percent.

In the first six months of this year, net income attributable to the shareholders of the parent was up 96 percent to €683 million. Earnings per share increased to €3.42 from €1.74 in the same period of 2010. After the first six months, Continental had a total workforce of 159,116 employees, or 10,888 more than at the end of 2010.

With growth of 21 percent, the Rubber Group achieved sales of €5.8 billion and reported an EBIT of €797 million compared to €691 million in the prior year, despite raw material expenses totaling €532 million in the first six months.

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