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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.

Wednesday, June 3, 2020

Rubber Division, ACS, announces June course and webinar schedule - click to expand

Arkema finalizes divestment of Functional Polyolefins business - click to expand

Engel and Hack Formenbau collaborate against COVID-19 - click to expand

Global automotive tire market forecast with a CAGR of 4.1 percent through 2027 - click to expand

PolymaxTPE announces laboratory line expansion - click to expand

Tuesday, June 2, 2020

GRI puts safety at the fore in Sri Lanka production plants - click to expand

Pirelli introduces Cinturato P7 tire with intelligent compound - click to expand

European all season tire market forecast with a CAGR of 9 percent through 2024 - click to expand

Cooper Tire to restart production at El Salto, Mexico, tire manufacturing facility - click to expand

JK Tyre begins operations in the U.S. as Western Tires, Inc. - click to expand

Orion Engineered Carbons breaks ground on logistics center in Germany - click to expand

Monday, June 1, 2020

Goodyear and Enovos will build two photovoltaic power stations in Luxembourg - click to expand

Active Minerals announces completion of Gordon, GA, facility expansion - click to expand

Thermoplastic and Silicone Elastomers U.S. 2020 Summit takes place virtually - click to expand

Lubrizol presents webinar on Estane thermoplastic polyurethane - click to expand

Yokohama's Virginia tire plant reopens - click to expand

Rubber Division, ACS, 197th Technical Meeting presentations available - click to expand

Friday, May 29, 2020

Global elastomeric coatings market forecast with a CAGR of 15 percent through 2026 - click to expand

Book of the Day: Chemical Resistance Guide for Elastomers IV - click to expand

Swan Chemical named North American distribution partner for Bolder Industries’ BolderBlack - click to expand

CCSi announces expanded capabilities and price matching policy - click to expand

Goodyear blimp returns to Europe - click to expand

Global thermoplastic polyurethane market expected to rise at a steady 6.8 percent CAGR through 2024 - click to expand

Thursday, May 28, 2020

Sibur creates sustainable development committee - click to expand

Global structural adhesives market to surpass $7 billion by 2024 - click to expand

Goodyear to donate the cost equivalency of 100 meals to Feeding America for every tire sold - click to expand

EMT technology available in North America through 2BA North America - click to expand

Disposable medical gloves market size forecast to reach $8.73 billion by 2025 - click to expand

Energy Estate and InfraCo partner to help solve waste tire mountains in Australia and New Zealand - click to expand

Wednesday, May 27, 2020

Borealis discontinues world scale polyethylene project in Kazakhstan - click to expand

Birla Carbon is first carbon black multinational to receive IATF certification across all manufacturing plants - click to expand

Huntsman brands spray polyurethane foam business as Huntsman Building Solutions - click to expand

Ashland board declares quarterly dividend - click to expand

Bridgestone announces release of Firestone FD692 drive tire - click to expand

Global sealants market projected to grow by $4.9 billion - click to expand

Market Reports

Aircraft interior elastomers market forecast at $45.5 million in 2025 - click to expand

Global automotive tire market forecast with a CAGR of 4.1 percent through 2027 - click to expand

European all-season tire market forecast with a CAGR of 9 percent through 2024 - click to expand

Global elastomeric coatings market forecast with a CAGR of 15 percent through 2026 - click to expand

Disposable Medical Gloves Market size is forecast to reach $8.73 billion by 2025 - click to expand

Global thermoplastics polyurethane market is expected to rise at a steady 6.8% CAGR through 2024 - click to expand

Global structural adhesives market to surpass $7 billion by 2024 - click to expand

Sealants market worldwide is projected to grow by $4.9 billion - click to expand

Global silicone market is estimated to register a CAGR of 5.65 percent through 2023 - click to expand

Medical glove market forecast with a CAGR of 15 percent through 2025 - click to expand

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