Continental Turns To Profit In Q2; Sees Earnings Growth In H2, Cuts FY23 Sales View

Automotive supplier and tire manufacturer Continental (CTTAY.PK) reported Wednesday that its second-quarter net income was 209 million euros, compared to last year’s loss of 251 million euros.

EBIT was 377 million euros, compared to prior year’s loss of 165 million euros. Adjusted EBIT improved 24.1 percent from last year to 497 million euros. Adjusted EBIT margin was 4.8 percent, up from 4.3 percent a year ago.

Consolidated sales grew 10.4 percent to 10.4 billion euros from 9.4 billion euros last year.

The company recorded high order intake in Automotive of 8.6 billion euros in the second quarter.

Looking ahead, the technology company expects consolidated earnings to increase in the second half of the year.

For fiscal 2023, outlook for the adjusted EBIT margins remains unchanged.

Further, Continental has adjusted its outlook for sales in the Tires group sector and for consolidated sales as a result of updated market expectations in the tire-replacement business.

For the year, consolidated sales are now expected to be around 41.5 billion euros to 44.5 billion euros, compared to previous view of 42 billion euros to 45 billion euros.

Sales in the Tires group sector is now projected to be around 14.0 billion euros to 15.0 billion euros, while previously it expected to be 14.5 billion euros to 15.5 billion euros.

For the current fiscal year, Continental expects the production of passenger cars and light commercial vehicles to increase by 3 to 5 percent year-on-year, compared to previous outlook of 2 to 4 percent.

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