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- Automotive supplier anticipates about 15% growth in sales for 2010 and an adjusted* EBIT margin of between 8.0% and 8.5%
- On the basis of initial preliminary figures, firsthalf consolidated sales increase to €12.5 billion / adjusted* EBIT amounts to at least €1.2 billion
The Continental Corporation is raising its outlook significantly to reflect its good first halfyear results and the continuing positive trend in market conditions. According to first preliminary figures, consolidated sales for the first half of this year increased to approximately €12.5 billion, compared with about €9.1 billion for the same period last year. On this basis, adjusted* EBIT is expected to amount to at least €1.2 billion (PY: €248.8 million), the international automotive supplier announced on Friday in Hanover.
"Based upon these preliminary results for the first half year 2010, we believe that an increase of approximately 15% in consolidated sales over last year's figure of close to €20 billion is being realistic for 2010, along with an adjusted* EBIT figure greatly exceeding that for 2009," said Continental CEO, Dr. Elmar Degenhart. "The adjusted* EBIT margin for 2010 should be between 8.0 and 8.5 percent compared to 5.8 for last year. Based on current expectations, however, a burden of about €250 million is anticipated in the second half of 2010 alone resulting from raw material costs - mainly for natural rubber - which have been increasing since last year."
Continental's halfyear financial report is expected to be published on July 29.
* Before amortization of intangible assets from purchase price allocation (PPA), changes in the scope of consolidation, and special effects.
- Automotive supplier anticipates about 15% growth in sales for 2010 and an adjusted* EBIT margin of between 8.0% and 8.5%
- On the basis of initial preliminary figures, firsthalf consolidated sales increase to €12.5 billion / adjusted* EBIT amounts to at least €1.2 billion
The Continental Corporation is raising its outlook significantly to reflect its good first halfyear results and the continuing positive trend in market conditions. According to first preliminary figures, consolidated sales for the first half of this year increased to approximately €12.5 billion, compared with about €9.1 billion for the same period last year. On this basis, adjusted* EBIT is expected to amount to at least €1.2 billion (PY: €248.8 million), the international automotive supplier announced on Friday in Hanover.
"Based upon these preliminary results for the first half year 2010, we believe that an increase of approximately 15% in consolidated sales over last year's figure of close to €20 billion is being realistic for 2010, along with an adjusted* EBIT figure greatly exceeding that for 2009," said Continental CEO, Dr. Elmar Degenhart. "The adjusted* EBIT margin for 2010 should be between 8.0 and 8.5 percent compared to 5.8 for last year. Based on current expectations, however, a burden of about €250 million is anticipated in the second half of 2010 alone resulting from raw material costs - mainly for natural rubber - which have been increasing since last year."
Continental's halfyear financial report is expected to be published on July 29.
* Before amortization of intangible assets from purchase price allocation (PPA), changes in the scope of consolidation, and special effects.
