Auto Supplier Continental Continues To Grow

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Auto Supplier Continental Continues To Grow
Auto Supplier Continental Continues To Grow

Video: Auto Supplier Continental Continues To Grow

Video: Auto Supplier Continental Continues To Grow
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Despite the crisis in the markets, the automotive supplier Continental remains on a growth path. In the first quarter the group grew strongly before interest and taxes.

The automotive supplier and tire specialist Continental is heading for further records despite the crisis in European markets. According to preliminary information from Friday, the group earned 766 million euros before interest and taxes in the first quarter. In the first three months of 2011 there were 634 million. The company was able to increase its sales to 8.3 billion euros - around one billion more than a year ago. "We have once again grown much faster than the automotive and tire markets worldwide," said CEO Elmar Degenhart at the general meeting in Hanover.

Conti increases sales by five percent

In the current year, Conti intends to increase revenues by over 5 percent to more than 32 billion euros. "The successful start makes us confident that we will surely achieve our goals," said Degenhart. "This applies despite all the uncertainties on the global sales markets and the difficult situation in some member states of the European Union." At the same time, the CEO warned in his speech to the shareholders to be cautious: “We must not be fooled by current success figures. The dangers of the financial and debt crisis are by no means averted. " In North America and Asia in particular, however, the markets are currently developing better than expected.

In 2011, Continental achieved record numbers. The group controlled by the Franconian family company Schaeffler posted a profit of 1.242 billion euros, compared to 576 million in the previous year, thanks to the booming demand from the auto industry and mechanical engineering. The figures for the first quarter were already above the expectations of some analysts. The Conti top will present the final data next Thursday.

According to Degenhart, the group is well on the way to being included in the German leading share index Dax again in a few months. "It is important to keep an eye on this possibility for the next composition meeting in September 2012," said the Conti boss. Another company would have to leave the group of 30 DAX companies first. According to the chairman of the supervisory board, Wolfgang Reitzle, the increase in the share price speaks for a Conti inclusion. He received a lot of applause from the shareholders for this. (dpa)

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