Industryweek 6290 Continental Tires

Car Parts Maker Continental Drives Stable Profits in 2013

March 6, 2014
The German maker of tires and car parts is off to a 'solid start' in 2014.

FRANKFURT - Continental (IW 1000/102), the German maker of tires and car parts, said Thursday it booked stable profits last year in the face of weak European demand and the strong euro.

"Continental demonstrated strength...despite weak European automotive markets and negative exchange rate effects of a considerable magnitude," the company said in a statement.

Net profit reached 1.923 billion euros (US $2.6 billion) in 2013, more or less steady from 1.905 billion euros a year earlier.

Sales grew 1.8% to 33.331 billion euros.

"In 2013 we achieved very good results and continued to pursue our goals reliably, rigorously and efficiently. Looking back, we achieved more than anticipated overall," said chief executive Elmar Degenhart.

And the company has "got off to a solid start in the first quarter of 2014," Degenhart said.

"We are reckoning here with a 3-to-4% rise in sales," he said.

The continuously unfavorable development of exchange rates "is weighing on our performance. It is likely to have a negative impact of up to four percentage points on sales growth in the first quarter of 2014."

Underlying profit in the first quarter "will be higher than the comparable figure in the previous year," Degenhart added.

Copyright Agence France-Presse, 2014

Popular Sponsored Recommendations

Modern Edge Computing Accelerates Smart Manufacturing Initiatives for Discrete Manufacturers

Oct. 22, 2023
Discover how Edge Computing platforms are a requisite for discrete manufacturers to solve production challenges, accelerate digitalization, and establish a reliable infrastructure...

Gain a competitive edge with real-world lessons on private 5G networks

Nov. 16, 2023
The use of private networks in manufacturing applications is rapidly growing. In this paper, we present valuable insights and lessons learned from the field with the goal of enhancing...

Beat the odds. Optimize product costs. Mitigate supply chain issues.

Sept. 12, 2023
Leverage fact-based supplier negotiations. Enhance design. Get to market faster. Our comprehensive Should Cost Analysis guide shows you how.

How to Achieve a Sustainability Breakthrough by Increasing Data Resolution

Aug. 22, 2023
Learn how looking at data differently can help companies address sustainable operations challenges.

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!