Hanover, Germany – Continental Corp.’s rubber group has reported a slight drop in earnings (EBITDA) for the year 2019, amid what it has described as a “declining environment.”
The segment, which includes Conti’s tires and ContiTech divisions, posted a 0.8% decrease in earnings to €3.16 billion, on 2.3% higher sales of €18 billion.
With 3.5% higher sales at €11.7 billion and flat earnings at €2.5 billion, the tire business “held its own”, said Conti in a 5 March statement.
Industrial parts and systems division, ContiTech reported a 4.4% decline in earnings at €760 million on 1.5% higher sales at €6.4 billion.
Formerly known as the Rubber Group, the segment has been renamed Rubber Technologies Group since the beginning of the year.
For the year 2020, Conti said it expected the segment sales to total around €17 to €18 billion, with an adjusted EBIT margin of around 10 to 11%, compared to the 12.4% registered in 2019.
