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November 11, 2014 01:00 AM

Continental posts strong third quarter

Rubber & Plastics News Report
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    HANOVER, Germany—Continental A.G. reported a 14.1 percent increase in net income for the first three quarters of 2014, along with increased sales and net income for the third quarter.

    The firm reported about $615 million in net income for the third quarter 2014, up from $539.1 million in 2013. Sales also increased to about $10.8 billion, up from about $10.4 billion.

    For the nine-month period, the firm reported net income at about $2.23 billion, up from about $1.96 billion in 2013. Sales also improved to about $31.8 billion, up from about $31 billion in 2013.

    Sales for its Rubber Group increased to about $12.6 billion, up from about $12.4 billion for the nine-month period in 2013. For the quarter, the group posted sales of about $4.37 billion, up from about $3 billion.

    Its Automotive Group also experienced increase sales for the quarter, a 4.4 percent increase to $6.41 billion, and for the nine-month period, a 3 percent increase to about $19.2 billion.

    Tire sales improved by 3.2 percent for the third quarter, to about $3.18 billion, which brings total sales for the nine month period to about $9.05 billion, a 2.3 percent increase. Continental cited passenger and light truck tire replacement business sales volumes increasing in the Europe, Middle East and Africa region.

    Sales for its ContiTech A.G. non-tire rubber unit increased slightly compared to 2013. For the quarter, sales increased to about $1.22 billion, bringing the nine-month total to about $3.64 billion—a 1 percent increase. The firm said both automotive original equipment business and replacement business posted growth in sales, but its industrial business did not reach the previous year's level of sales.

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