Continental AG says revenue may increase by percent in 2011

Article by Christian A., on January 18, 2011

German supplier Continental AG said revenue may increase by as much as 10 percent in 2011 after it surpassed sales and earnings goals for 2010. Continental said in a statement that in 2010, revenue exceeded EUR25.5 billion ($33 billion).

That beat the company's EUR25 billion forecast in November 2010. Earnings before interest, taxes and one-time gains or costs amounted to around 9.5 percent of sales. At the Detroit Auto Show, CEO Elmar Degenhart said the company has proven in the past that it can grow faster than the market.

A 5 percent to 10 percent sales increase is realistic based on global light-vehicle sales projections for a "very good 2011."

Growth in emerging economies like Brazil and China and a rebounding U.S. market are helping Continental generate cash as it pays off debt that amounted to EUR7.6 billion as of Dec. 31, 2010.

In November 2010, the company said that net income in 2010 would be held back by a 50 percent tax rate and rising raw-material prices. Degenhart said the company is set to report detailed figures for 2010 in March 2011.

He added that worldwide light vehicle sales will perhaps grow by 6 percent to 7 percent and the company is cautious about the second half of 2011 because of risks stemming from European sovereign debt.

With an adjusted Ebit margin of 5.8 percent, Continental had a net loss in 2009 of EUR1.65 billion on sales of EUR20.1 billion.

If you liked the article, share on:

Topics: continental

Comments

Recommended

November 17 is considered a very special day for Tesla, as this is the day that they revealed the highly anticipated Tesla Semi. But Elon Musk did not think the...
by - November 17, 2017
More details have emerged about the new sixth generation of the BMW M3 just as the German premium practically announced the end of the current-gen 3 Series with the unveiling...
by - November 17, 2017
All is set for Volkswagen’s plans to enter the electric vehicle game, as prompted by the so-called Dieselgate scandal. In fact, the German carmaker has already made a commitment to...
by - November 17, 2017
As BMW has already revealed, the next generation of the BMW M5 (F90) is a four-wheel drive high-performance sedan with overwhelming power output and torque at its disposal. However, it...
by - November 17, 2017
McLaren unveiled a one-off Gold - on - Black 720S at the 2017 Dubai Motor Show which will be on display throughout the entire stretch of this week’s event. The...
by - November 16, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries