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April 28, 2010

GERMANY: Continental posts improved Q1 earnings

Continental has posted first quarter EBIT of EUR494m (US$652m), more than EUR650m higher than the comparative figure for the previous year.

Continental has posted first quarter EBIT of EUR494m (US$652m), more than EUR650m higher than the comparative figure for the previous year.

In the first three months, consolidated sales rose year-over-year by EUR1.7bn to around EUR6bn.

“In the first three months of 2010, our business continued to stabilize substantially, said Continental executive board chairman Elmar Degenhart

“Sales and EBIT form a very firm basis for us to achieve the corporate goals we have set for 2010, al­though it is not yet possible to say how the European automotive industry will develop in the second half of the year.”

“We can confirm the forecast we made at the beginning of the year for a mini­mum 5% growth in sales.

In the first quarter the Automotive Group generated sales of approximately EUR3.8bn and reported EBIT of EUR182m. The Rubber Group recorded sales of some €2.2 billion and reported EBIT of €313 million.

For the full press release click here.

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