Hanover, Germany – Continental Corp. has reported a 3.8% year-on-year increase in sales at its Rubber Group, to around €4.4 billionfor tn the first three months of the year.
The tire business, and in particular the sales volumes in the commercial-vehicle tires business, experienced a positive trend, with growth of 6%, said a 9 May group statement.
The ContiTech division “experienced growth above all in areas that supply to industry, such as the business with conveyor belts and industrial hoses,” added Continental.
Organically – adjusted for changes in the scope of consolidation and exchange rate effects – sales growth in the Rubber Group came in at 1%.
First quarter earnings (adjusted operating profit) came to about €535 million, corresponding to a margin of 12.4%- down from 12.9% a year ago.
Welcoming a “solid” first quarter for the group as a whole, CEO Dr. Elmar Degenhart said: “Thanks to our strong market position, we have kept our sales stable in a clearly sluggish market environment.
“Our stricter cost discipline contributed to our solid results.”