Continental Q1 profit spikes by 59.6 percent

 

BERLIN – German automotive supplier and tire manufacturer Continental reported that its first quarter net income attributable to its shareholders increased 59.6% year-over-year to €382.2 million ($419.5 million) or €1.91 per share from last year.

Consolidated sales for the first quarter were €10.31 billion, an increase of 11.1% from last year.

The global production of passenger cars and light commercial vehicles weakened slightly compared with the fourth quarter of 2022 but increased year-on-year, according to preliminary figures.

Compared with the first quarter of 2022, it rose by around 6% to 21.1 million units.

Continental still anticipates consolidated sales for fiscal 2023 of around €42 billion to €45 billion and an adjusted EBIT margin of around 5.5 to 6.5%.

This includes additional costs of around €1.7 billion as a result of the price increases for materials, wages and salaries as well as energy and logistics.

For the year as a whole, Continental continues to expect the global production of passenger cars and light commercial vehicles to increase by 2 to 4% compared with the previous year’s figure of around 82.3 million vehicles.