Continental lifts 2014 EBIT outlook
After what it says was “a successful start to the new year,” Continental Corporation has raised its adjusted EBIT outlook. “For fiscal 2014 we intend to comfortably achieve an adjusted EBIT margin of 10.5 per cent instead of the originally advised 10.0 per cent,” announced Continental CEO Dr. Elmar Degenhart at last Friday’s Annual Shareholders’ Meeting.
Degenhart also presented the company’s first quarter results. In the first three months of 2014, Continental’s sales were up by a good four per cent year-on-year to around €8.4 billion. Adjusted EBIT rose by nearly 20 per cent to approximately €953 million. “All of our five divisions contributed to our successful start to the year,” said Degenhart. “Sales and adjusted EBIT are clearly above the same quarter of the previous year. However, the first quarter of the past year presented an easy basis of comparison. Nonetheless, we are confident that we can maintain the current momentum, as the positive trend of the first three months appears to be continuing in the second quarter. Our sales were again heavily impacted by exchange rate effects in the first quarter. Adjusted for these effects and changes in the scope of consolidation, sales climbed by 8.3 per cent.”
Continental will present its figures for the first quarter of 2014 on 6 May.