Conti Sales Reach 25.5 Billion Euros in 2010
Signs of a rebound in the automotive industry following the recession can be seen in the latest annual results released by Continental AG. The tyre and vehicle components manufacturer reports sales in excess of 25 billion euros. “On the wings of better than expected business in the last three months of the year, we realised sales of over 25.5 billion euros in 2010,” stated Continental Executive Board chairman Elmar Degenhart at the North American International Auto Show in Detroit. Furthermore, despite an additional 480 million euro year-on-year cost to the company’s Rubber Group due to record high raw material costs, Degenhart said Conti’s adjusted EBIT margin will work out to be around 9.5 per cent for 2010.
While final figures for the fourth quarter and the 2010 fiscal year will not be announced until Continental’s annual financial press conference on March 3, the company discloses that its Continental’s Passenger and Light Truck Tires division set a new record for winter tyre unit sales in 2010, with more than 20 million units sold.