![]() ![]() ![]() ![]() The outlook for the company’s other sales and margin expectations remains unchanged.Ĭontinental also continues to expect significantly higher costs for materials, wages and salaries as well as energy and logistics in fiscal 2023. Continental now expects sales in the Tires group sector of around €14.0 billion to €15.0 billion (previously: €14.5 billion to €15.5 billion) and consolidated sales of around €41.5 billion to €44.5 billion (previously: €42 billion to €45 billion). For the global tire-replacement business, the technology company expects sales volumes to develop by -2 to 0 percent (previously: 1 to 3 percent).Ĭontinental has adjusted its outlook for the current fiscal year due to the declining European and North American markets in the tire-replacement business. Adjusted free cash flow was -€14 million (Q2 2022: -€687 million).Īdjustment of market outlook and forecast for fiscal 2023įor the current fiscal year, Continental expects the production of passenger cars and light commercial vehicles to increase by 3 to 5 percent year-on-year (previously: 2 to 4 percent). Net income in the second quarter amounted to €209 million (Q2 2022: -€251 million). Its adjusted operating result (adjusted EBIT) was €497 million (Q2 2022: €401 million, +24.1 percent), corresponding to an adjusted EBIT margin of 4.8 percent (Q2 2022: 4.3 percent). In the second quarter of 2023, Continental achieved consolidated sales of €10.4 billion (Q2 2022: €9.4 billion, +10.4 percent). Together, we will bring the first commercially scalable autonomous trucking system to the US market.” “Through our partnership with Aurora, we have generated significant order intake and taken a major technological step forward in autonomous mobility. By doing so, we will also improve our consolidated margin,” said Continental CEO Nikolai Setzer in Hanover on Wednesday. Here we will need to make up considerable ground in the second half of the year. Earnings in Automotive, however, fell short of expectations. “Despite difficult market conditions, our Tires group sector ended the second quarter with good earnings once again. The technology company therefore expects consolidated earnings to increase in the second half of the year. The outlook for the adjusted EBIT margins remains unchanged. As a result of updated market expectations in the tire-replacement business, Continental has adjusted its outlook for sales in the Tires group sector and for consolidated sales. Furthermore, inflation-related price negotiations scheduled for the second quarter are still ongoing. The ContiTech group sector achieved solid results, while earnings in Automotive fell short of expectations, mainly due to currency effects and continuing costs for special freight. Continental ended the second quarter of 2023 with strong earnings again in the Tires group sector and high order intake in Automotive of around €8.6 billion. Adjusted outlook: sales in the Tires group sector of around €14.0 billion to €15.0 billion (previously: €14.5 billion to €15.5 billion) consolidated sales of around €41.5 billion to €44.5 billion (previously: €42 billion to €45 billion).High order intake in Automotive of €8.6 billion in the second quarter.CFO Katja Dürrfeld: “We stabilized our adjusted free cash flow year-on-year as well as compared with the first quarter of 2023”.CEO Nikolai Setzer: “Despite difficult market conditions, our Tires group sector ended the second quarter with good earnings once again”.Adjusted free cash flow of -€14 million (Q2 2022: -€687 million).Adjusted EBIT margin of 4.8 percent (Q2 2022: 4.3 percent). ![]()
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