Continental Reports Lower Profit for First Quarter Amid Higher Co

Hanover (dpa) – German car parts supplier Continental reported lower profits for the first quarter on Wednesday, citing higher costs relating to the war and the pandemic.

Hanover-based Continental said that its first quarter net income attributable to the shareholders of the parent dropped to €245.4 million ($259 million) or €1.23 per share from €447.6 million or €2.24 per share in the prior year.

But sales for the quarter increased 8.2% to €9.3 billion from €8.6 billion in the prior year.

For the year as a whole, the company anticipates an adjusted free cash flow of around €0.6 billion to €1.0 billion.

After a production output of 77.1 million passenger cars and light commercial vehicles last year, Continental expects an increase of between 4-6% for the year as a whole compared to the prior outlook of 6-9% growth.

Continental has adjusted its outlook for the year as a whole, as reported on April 21, 2022. Annual sales are now expected to be around €38.3 billion to €40.1 billion compared to the prior outlook of €38 billion to €40 billion.

By 2050 at the latest, Continental aims to use 100% sustainable materials in its tire production.

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Continental Reports Lower Profit for First Quarter Amid Higher Co - /10

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Hanover (dpa) - German car parts supplier Continental reported lower profits for the first quarter on Wednesday, citing higher costs relating to the war and the pandemic.

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