Conti's rubber group posts improved profits on lower Q3 sales

ERJ staff report (DS)

Hannover, Germany -- Continental AG's rubber group reported higher operating profit (EBITDA) on slightly lower sales for the three months ended September 2009. For the nine months, each of Conti's three divisions in the rubber group finished in the black.

Rubber group sales for the three months amounted to euro 2118 million, down from euro 2404 million a year ago. However, EBITDA was higher, at 374.4 million, giving a margin of 17.7 percent, up from 14.0 percent a year ago. EBIT also rose. The company said its adjusted EBIT figure rose by over 50percent, to euro 344.6 million from euro 212.2 million a year earlier.

Conti said, "In the face of tenaciously intractable market conditions, the Rubber Group finished the first nine months with adjusted EBIT* of €726.6 million, thereby closing in on the value for the comparable period last year (€766.6 million)."

The company added, "After nine months, the Passenger and Light Truck Tires division achieved adjusted EBIT* of €538 million, of which €241.4 million was recorded in the 3rd quarter. Despite relentlessly tailspinning sales as the result of market conditions, the Commercial Vehicle Tires division closed out the first nine months of the year in the black, with adjusted EBIT* of €19.2 million. The 3rd quarter contributed a crucial €32.5 million to that. The ContiTech division posted adjusted EBIT* of €169.3 million for the first nine months, €70.5 million of that in the 3rd quarter."

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Press release from Continental