4 May 2007
Hanover, Germany - Continental AG's first quarter pre-tax operating income rose 24 percent and all of the firm's operating divisions reported improved earnings over the 2006 period.
Conti´s earnings before tax and interest grew to €436.8 million on 9.8-percent higher sales of €3965 million. Net income was up 21.9 percent to €270.5 million.
Conti Chairman Manfred Wennemer said he expects the company will achieve its sales and earnings goal for the year, although raw material prices continue to be an uncertainty.
Conti´s passenger/light truck tyre division improved operating earnings by 45.5 percent to €157.1 million as sales grew 7.7 percent to €1148 million on higher replacement market unit sales in Europe and the Americas.
The commercial vehicle tyres unit increased earnings by 42.6 percent to €28.1 million, while sales dipped 0.5 percent to €344.5 million. Sales in Europe were up, but business in the Americas fell short of 2006, Conti said.
From Rubber & Plastics News (A Crain publication)
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