Continental sales up in preliminary Q1 report

HANOVER, Germany—Continental A.G. has posted preliminary financial data for the first quarter of 2022, showing group consolidated sales up 8.1 percent year-on-year to $9.9 billion (€9.3 billion).

Before changes in the scope of consolidation and exchange-rate effects, sales increased year-on-year by 5.3 percent, the German group reported April 21.

Earnings (adjusted EBIT) margin was recorded at 4.7 percent, well down on the 8.5 percent level achieved in the first quarter of 2021, the group's preliminary figures also show.

First quarter sales at Continental's tires segment came in 22 percent higher year-on-year at $3.5 billion, while an adjusted EBIT margin of 17.1 percent surpassed the 16.6 percent recorded a year ago.

Before changes in the scope of consolidation and exchange-rate effects, tire unit sales increased year-on-year by 17.4 percent, Continental noted.

Margins at the tires unit benefited from a special effect of around $213 million, relating to inventory valuations as well as procurement and manufacturing costs.

At $1.7 billion, sales at ContiTech increased 6.7 percent, though the adjusted EBIT margin of 5.4 percent was almost half the 10.2 percent achieved in the first quarter of last year.

Before changes in the scope of consolidation and exchange-rate effects, sales at ContiTech increased 3.6 percent year-on-year, the group noted.

Continental will issue its quarterly statement for the first quarter of 2022 on May 11.