Hanover, Germany – Continental has achieved its 2018 sales and earning targets despite declining automotive markets, the company announced 14 Jan.
Operating performance, it said, came in as expected in the fourth quarter, which also saw strong sales of winter tires and the positive market development in industrial markets.
“We achieved a respectable result and achieved our adjusted annual targets. We are continuing to grow profitably,” said Continental CEO Dr. Elmar Degenhart.
However, automotive market decline had “intensified significantly” in the fourth quarter,” according to the Continental group boss.
“This, combined with the profound changes in our industries, is reducing our growth rate,” Degenhart commented.
For 2019, Continental forecast global consolidated sales of €45-47 billion and an adjusted EBIT margin of about 8-9% In its automotive, tire and industrial business areas.
This, it said, assumes that global production volume of cars and light commercial vehicles will be about the same as that of the previous year.
DAX-listed Continental will release its preliminary 2018 business figures on 7 March.