HANOVER, Germany (April 28, 2011)—Continental A.G.'s operating income improved 28 percent in the quarter ended March 31 on 20-percent higher sales, according to preliminary data presented at the firm's annual shareholders' meeting in Hanover.
The strong first quarter creates a “solid foundation” for the rest of the fiscal year, Conti said, and should allow the company to achieve its financial targets.
The firm's pretax operating income shot up to $866 million on sales of nearly $10 billion. Conti did not disclose further details at this time; full quarterly figures will be released May 5.
“2011 began as we expected—despite the natural disaster in Japan and its aftermath,” said Executive Board Chairman Elmar Degenhart. “In face of the ongoing challenges, especially those presented by high raw material prices, we anticipate at this point in time that we will comfortably achieve the targets we have set ourselves for this year. This is not, however, a sure-fire thing, but will require hard and dedicated work.”
Continental wants to increase sales in 2011 by 10 percent to nearly $40 billion while matching the adjusted pre-tax operating margin of 9.7 percent that it attained in 2010.