Hanover, Germany — Continental Corp. has registered a 17.1% year-on-year decline in earnings on flat sales for the first quarter of 2019.
Adjusted EBITDA fell to €884 million for the first three months of the year, while sales grew 0.3% to €11 billion, Continental said in a release 26 April.
The company statement did not offer a breakdown of the business performance of its various divisions.
Describing the results as a “solid start” to the year, Conti said its technology portfolio helped it avoid the “substantial downward trend on the market.”
“Global car production was down substantially at the beginning of the year, as expected,” said CEO Elmar Degenhart at the company’s annual shareholders’ meeting.
However, Continental expects an upturn in the second half of the year, added Degenhart, who confirmed previous forecasts for its 2019 business performance.
The Hanover-based group will also continue with its restructuring planning this year, the CEO continued.
This, he noted, includes preparations for the possible partial IPO of powertrain business, which will be spun off as Vitesco Technologies
Continental expects the necessary conditions to be met by the second half of the year and – subject to market conditions – the partial IPO to be finalised by 2020.