HANOVER, Germany (Aug. 6, 2012)—Continental A.G.'s tire division reported double-digit gains in earnings and sales for the three- and six-month periods ended June 30.
Tire segment operating income jumped 40.6 percent in the quarter and 35.2 percent in the half year to $658.2 million and $1.24 billion, respectively. Sales grew 11.9 percent in the quarter to $2.94 billion and 15.6 percent for the half to $5.94 billion.
Conti said passenger and light truck tire unit sales volume was on par with the first half of 2011, with higher sales in Asia offsetting lower sales in the Americas. The volume of commercial vehicle tires was up 2 percent.
Overall Conti's operating earnings grew 21.1 percent in the quarter and 18.1 percent in the first half as sales grew 8.7 and 10.9 percent, respectively.
As a result of the “dynamic” first half performance, Conti management is confident the firm can achieve its sales (7-percent growth) and earnings goals for the full year.
“Nonetheless,” Continental Executive Board Chairman Elmar Degenhart cautioned, “we must continue to keep a close eye on the uncertainties on the global sales markets, the difficult economic situation in some European Union member states and the slowdown in global economic growth.”