HANOVER, Germany (April 8)—Continental A.G. expects earnings in fiscal 2003 to be on par with 2002 despite an economy that management describes as unpredictable and uncertain. Continental reported $624.1 million in operating earnings last year—a record figure despite a background of uncertainty about the economic situation in the automotive business. On a net basis, Continental turned a loss in 2001 into earnings of $213.2 million last year, while sales rose slightly to $10.8 billion. The company also reduced its indebtedness by more than $660 million, moving the firm closer toward its declared goal of returning to a gearing ratio—the relationship between shareholders' equity and debt—of 100 percent.
Conti returns to black in 2002
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