After two strong 2012 quarters, Continental Corporation reckons it is on track for another record year.
The international tier one supplier increased sales 10.9% year on year to EUR16.5bn and boosted EBIT almost 26% to EUR1.6bn, with an EBIT margin of 9.7%, versus 8.6% a year ago.
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Adjusted EBIT, accounting for acquisition-related amortisation and special costs, rose to over EUR1.8bn, up from just under EUR1.5bn. Adjusted EBIT margin was 11.1% versus 10.0% a year ago.
“Based on the successful first half of the year, we are confident that we will comfortably achieve the goals we have set for the year. Nonetheless, we must continue to keep a close eye on the uncertainties on the global sales markets, the difficult economic situation in some European Union member states and the slowdown in global economic growth,” said chairman Elmar Degenhart.
“As a result of the good development in the first half of the year, we now anticipate an increase in consolidated sales of more than 7% to over EUR32.5bn. In addition, we assume that the adjusted EBIT margin will even top the very good level achieved in 2011. The reason for this reassessment is the slightly lower negative impact from raw material costs, which had recently increased heavily,” Degenhart added.
In the first half of 2012, net income rose nearly 47% year on year to EUR1bn, corresponding to earnings per share of EUR5.02 compared with EUR3.42 a year ago.
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