HANOVER, Germany—Record tire sales of 150 million units, driven in part by an increase in winter tire sales, helped Continental A.G. overcome the weakening demand in the oil and mining business and provide what the company called a "successful" ending to the 2016 fiscal year.
In a Jan. 9 news release, Continental noted that the sales and earnings growth in the fourth quarter were due in part to the Automotive Group and to winter tire sales, which exceeded the sales volume of the same period in the previous year.
Continental also reported a 3 percent increase in year-on-year sales to around $39.1 billion and an adjusted EBIT margin of around 10.7 percent, allowing it to achieve the annual targets as adjusted in October 2016.
"We continued our growth once again in 2016," Executive Board Chairman Elmar Degenhart said during the North American International Auto Show in Detroit. "Despite persistently weak demand in the oil and mining business, ContiTech's EBIT margin almost reached the double-digit level at the end of the year, thus significantly exceeding the previous year's figure."