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March 01, 2012 01:00 AM

Conti continued strong growth in 2011

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    HANOVER, Germany (March 1, 2012)—Continental A.G. reported double-digit gains in sales and earnings for fiscal 2011, with the rubber group outperforming the automotive group in sales growth and earnings ratios.

    The rubber group—comprising Conti's consumer and commercial vehicle tire and ContiTech non-tire rubber businesses—reported a 10.3-percent improvement in pretax operating income of $2.84 billion on 19.9-percent higher sales of $17 billion, for an earnings ratio of 16.8 percent.

    Overall, Continental A.G. reported a 17.9-percent gain in pretax operating income of $5.89 billion on 17.1-percent higher sales of $42.5 billion. Net income more than doubled to $1.67 billion as all the company's operating units were in the black for the first time since 2006.

    The passenger/light truck tires segment recorded an 89.9-percent improvement in operating income to $1.51 billion while sales increased 21.5 percent to $9.69 billion.

    The commercial vehicle tires segment's operating income jumped 130.3 percent to $160.7 million on 29.9-percent better sales of $2.58 billion.

    Conti management attributed much of the tire segments' gains to price increases instituted throughout the year to compensate for rising commodities costs of $1.4 billion.

    Corporate capital expenditures rose 32 percent over 2010 to $2.38 billion while research and development spending increased 10.9 percent to $2.24 billion.

    Employment rose 10 percent to 164,000.

    During the year Conti reduced its net indebtedness by nearly 7 percent to $9.4 billion.

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