- 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, first-half 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 half-year results and the continuing positive trend in market conditions. Ac-cording 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 re-sulting from raw material costs - mainly for natural rubber - which have been increasing since last year."
Continental's half-year 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.