21 Jul 2022
But preliminary figures note significant impairment for Tires group in Russia, restructuring costs at ContiTech
Hanover, Germany – Continental AG has reported preliminary second quarter sales of €3.4 billion for its Tires group sector, in-line with consensus estimates.
Adjusted earnings (EBIT) margin at the tire manufacturing business came in at 13.8% – slightly above analysts' expectations of 13.6%.
The Hanover group's unaudited figures, meanwhile, posted sales of €1.6 billion at ContiTech, matching its consensus total .
However, adjusted EBIT margin at the industrial rubber products unit came in at 4.9%, well behind the 5.7% projected by market watchers.
Regarding its operations in Russia, Continental said assets worth €75 million were subject to impairment due to the additional imposed sanctions.
This impact was mainly attributable to the Tires group sector, Continental stated in a second quarter financial release.
ContiTech, meanwhile, incurred restructuring expenses of €63 million, mainly for its ‘mobile fluid systems’ business area, the German group pointed out.
Continental will issue its financial report for the first half of 2022 on 9 Aug.
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