Conti confirms 2013 outlook, warns on European market

ERJ staff report (LMH)

Hanover, Germany – Continental has confirmed its forecast of revenues of €34 billion in 2013 after sales in the second quarter improved, Dow Jones reports.

However, the automotive supplier warned that its core European markets remain unstable. The company isn’t anticipating higher third-quarter sales versus the second quarter as growth in the Asian and North American regions is likely to fall as the year progresses, Dow Jones said.

In the second quarter, net profit jumped to €700.7 million versus €520.3 million in the year earlier quarter. Second-quarter sales were up just over 4% to €8.54 billion, while earnings (EBIT) rose 2% to €883.2 million.

The newswire reported that Continental still expects adjusted earnings before interest and tax margin of above 10% this year.

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Article from Dow Jones