HANNOVER, Germany (April 29, 2010)—Continental A.G. bounced back into the black in the first quarter, reporting pre-tax operating income of $652 million on 40-percent better sales of $7.9 billion.
The first-quarter performance prompted Elmar Degenhart, Conti Executive Board chairman, to project a “significant” increase in the pre-tax operating income for the year and a sales improvement of as much as 10 percent “if the development on the markets continues to be as positive as it has been so far.”
“In the first three months of 2010, our business continued to stabilize substantially,” he said at Conti's annual meeting, held in Hannover April 27. “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.”
The firm's Rubber Group reported operating income of $413 million on sales of $2.9 billion.
Conti will publish its complete first-quarter earnings report on May 4.