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Continental announces first quarter 2019 results

  5/16/2019 - Hanover, Germany - Continental has managed a solid start to the business year. Thanks to its technology portfolio, the company has been able to distance itself from the substantial downward trend on the market. At €11.0 billion, sales were on par with the prior-year level. The adjusted EBIT margin was 8.1 percent (adjusted EBIT: €884 million). “Thanks to our strong market position, we have kept our sales stable in a clearly sluggish market environment. Our stricter cost discipline contributed to our solid results,” said Continental CEO Dr. Elmar Degenhart upon the publication of the quarterly figures in Hanover. In the first three months of 2019, global automobile production was down by more than 6 percent year-on-year, according to preliminary figures. In contrast, the technology company’s organic growth (before changes in the scope of consolidation and exchange-rate effects) was down by only 2 percent. In addition to the company’s strong market position, this was also due to exchange-rate effects which totaled €186 million in the first quarter, attributable primarily to the appreciation of the U.S. dollar in relation to the euro. As announced at the annual shareholders’ meeting on April 26, Continental continues to expect a market upturn in the second half of the year and is thus maintaining its annual guidance issued at the beginning of January. The net income attributable to the shareholders of the parent of €575 million was down year-on-year (PY: €738 million). Earnings per share amounted to €2.88 (PY: €3.69). At €884 million, adjusted EBIT was down 17.1 percent compared with the reporting date for the previous year. This corresponds to an adjusted EBIT margin of 8.1 percent after 9.7 percent in the first quarter of the previous year. “The start to the new fiscal year was challenging, as expected,” remarked Wolfgang Schäfer, Continental’s CFO, adding: “We did, however, already start to heighten our cost discipline last year. We are benefiting from this now.” In the first quarter, capital expenditure for research and development and for property, plant and equipment, and software came to over €1.5 billion. “Continental is continuing to invest heavily in the mobility of the future, and thus in its future business success,” Schäfer explained. As at March 31, 2019, Continental’s liquidity reserves totaled €5.7 billion, consisting of cash and cash equivalents of €1.8 billion and committed, unutilized credit lines totaling €3.9 billion.

Thursday, July 18, 2019

Tire Industry Association appoints David Zielasko as vice president of marketing and communications - click to expand

Specialty tapes market forecast to reach $59.3 billion by 2024 - click to expand

Continental begins construction of motorcycle tire factory in Thailand - click to expand

Maxxis to open distribution facility near Indianapolis, Indiana - click to expand

Lubrizol Corporation announces acquisition of Bavaria Medizin Technologie GmbH - click to expand

Wednesday, July 17, 2019

Wacker to showcase novel silicone laminate with electroactive properties at K2019 - click to expand

German RepRap launches 3D printing platform that can print liquid silicone rubber - click to expand

NBR latex market size is forecast to exceed $2.4 billion by 2025 - click to expand

Career fair to be held during the Rubber Division's International Elastomer Conference - click to expand

Rep International names Jim Wirtz president - click to expand

Goodyear to invest $180 million in North Carolina tire plant - click to expand

Tuesday, July 16, 2019

Goodyear declares quarterly dividend - click to expand

The International Rubber Study Group (IRSG) announces a call for rubber-related economic research papers - click to expand

Hillenbrand to acquire Milacron in cash-and-stock trade valued at $2 billion - click to expand

Toyo Tire to increase capacity at U.S. tire production facility in Bartow County, Georgia - click to expand

Global green tire market forecast with a 20.63 percent CAGR through 2023 - click to expand

Nitrile butadiene rubber production in North America anticipated to reach 50,000 tons in 2023 - click to expand

Monday, July 15, 2019

Wacker sets benchmarks in multimaterial printing and precision with ACEO technology - click to expand

GRI hires senior industry executive as head of global sales - click to expand

Tokai Carbon CB to increase prices in North America - click to expand

Bridgestone to launch new Blizzak studless winter tire - click to expand

Goodyear sends silica science package to the International Space Station - click to expand

Friday, July 12, 2019

Nokian Tyres produces first test tire at its factory in Dayton, TN - click to expand

Global silicone solutions for leather and textiles market to expand to $760 million by 2025 - click to expand

ZC Rubber America hires Chan Phothisane as OTR national sales director - click to expand

Arlanxeo announces strategic collaboration with Dhahran Techno Valley - click to expand

Book of the Day - Rubber Extrusion Technology Short Course Notes - click to expand

Thursday, July 11, 2019

R.E. Carroll Inc. launches brand promise to the rubber industry - click to expand

HAGL Agrico set to sell rubber firm to Thadi - click to expand

Global aircraft pressure-sensitive tape market forecast at $354 million by 2024 - click to expand

Vystar contracts rubber expert Ranjit Matthan for deproteinized dry rubber and latex research and development - click to expand

Ashland amends agreement with Ineos for its composites business and butanediol facility in Marl, Germany - click to expand

Market Reports

Global farm tire market size is expected to reach $7.01 billion by 2025 - click to expand

Global silicone gel industry forecast at $2 billion by 2025 - click to expand

Asian and Pacific nitrile butadiene rubber market forecast at 820 thousand tons By 2023 - click to expand

Global liquid silicone rubber market is forecast to reach $3.83 Billion by 2026 - click to expand

Specialty tapes market forecast to reach $59.3 billion by 2024 - click to expand

NBR Latex Market size is forecast to exceed $2.4 billion by 2025 - click to expand

Global green tire market forecast with a 20.63% CAGR through 2023 - click to expand

Nitrile Butadiene Rubber production in North America anticipated to teach 50 thousand tons in 2023 - click to expand

Global silicone solutions for leather & textiles market to expand to $760 million by 2025 - click to expand

Global isoprene market is expected to reach $3.97 billion by 2025 - click to expand

Global aircraft pressure-sensitive tape market forecast at $354 million by 2024 - click to expand

Shape memory polymer market forecast with at a CAGR of more than 25% through 2025. - click to expand

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