HANOVER, Germany (April 27, 2012)—Continental A.G. reported double-digit growth in operating income and sales in the first quarter, prompting top management to reiterate the firm's confidence in achieving its fiscal year financial goals.
Adjusted operating income jumped 19 percent in the quarter to $1.15 billion on sales of $10.9 billion, according to information presented at the firm's annual shareholders' meeting in Hanover.
“The successful start to the new year makes us confident that we will comfortably achieve the goals we set ourselves for this year,” said Conti CEO Elmar Degenhart, who noted Conti is assuming global production of light vehicles will reach 79 million units worldwide.
In 2012, Continental intends to boost its sales by more than 5 percent over 2011 to more than $42 billion while maintaining a high adjusted pre-tax operating margin.
Conti did not provide business unit breakdowns. The firm will report first quarter results May 3.