Annual targets for 2017 exceeded
Continental makes further gains
Continental once again achieved above-average and profitable growth in the 2017 fiscal year. With sales of around €44 billion, an increase of more than 8% compared to the previous year, and an adjusted EBIT margin of around 10.8%, the technology company exceeded its targets for the year.
CEO Dr. Elmar Degenhart expressed his satisfaction on the occasion of the announcement of the preliminary key figures on the sidelines of the Consumer Electronics Show (CES) in Las Vegas: "Continental's success curve continues to point upwards. Our innovative strength in the areas of assisted and automated driving, connectivity and electrification once again helped us to achieve above-average growth. Our hard work for our customers has paid off and is being recognized by them. This is reflected above all in the increasing order intake of our Automotive Group. It rose to more than 39 billion euros in 2017".
Adjusted for changes in the scope of consolidation and exchange rates, sales growth amounted to around 8%. The company was therefore able to grow faster than the global market for the production of passenger cars and light commercial vehicles, for example, which only grew by 2% compared to the previous year and on the basis of preliminary data.
"As expected, the fourth quarter of the past financial year was strong in terms of sales and earnings," said CFO Wolfgang Schäfer.
"This was primarily due to the growth of our Automotive divisions and our industrial specialist ContiTech as well as our winter tire business, whose strong sales in the previous year we were able to exceed once again in 2017," he added.
Continental expects sales to increase to around 47 billion euros in 2018. An adjusted EBIT margin of around 10.5 percent is certain to be achieved. The DAX-listed company from Hanover anticipates a slight increase in global production of passenger cars and light commercial vehicles of more than 1 percent to around 97 million vehicles.
Continental will present preliminary business figures at its digitally transmitted annual press conference on March 8, 2018. kp
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