Conti's rubber group reports positive Q1

ERJ staff report (DS)

Hanover, Germany -- Continental's rubber group has reported sales of around Euro 2200 million in the first quarter of 2010 (Q1), up from around Euro 1780 million in the same period last year. EBIT was up to Euro 313 million in Q1 from Euro 113 million last year, a 28 April company statement said.

“In the first three months of 2010, our business continued to stabilise substantially,” said Conti chairman, Elmar Degenhart. “Sales and EBIT form a very firm basis for us to achieve the corporate goals we have set for 2010, although it is not yet possible to say how the European automotive industry will develop in the second half of the year,” he added.

Conti's automotive business reported year-on-year sales of around Euro 3800 million and an EBIT of Euro 182 million in Q1, up from Euro 2521 million and Euro -266 million, respectively. Total sales were up by Euro 1700 million to around Euro 6000 million, compared to the first quarter of 2009. EBIT rose by over Euro 650 million to Euro 494 million for the same periods, the statement said.

“We can confirm the forecast we made at the beginning of the year for a minimum 5 percent growth in sales,” Degenhart said, adding, “If the development on the markets continues to be as positive as it has been so far, we even have a chance of increasing sales by as much as 10 percent. At the same time, we will improve our adjusted EBIT year-over-year significantly,” he added.

Conti presented the figures at its annual shareholders meeting in Hanover, the complete full report on Q1 2010 will be published 4 May, the statement said.

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Press release from Continental AG