Apr 29, 2008
warning of Michelin
German automotive supplier Continental announced Tuesday an increase of 29% of its operating profit during the first quarter and confirmed its objectives for the full year, following the warning of Michelin , Its main competitor's tire market.
Continental has done on the first three months of the year a profit before tax and financial charges (EBIT), excluding the accounting impact of the acquisition of VDO, 569.5 million euros.
The first quarterly results since the consolidation total VDO, bought last year by Siemens, are in line with the median estimates of analysts compiled by Reuters.
"Based on strong results from the first three months, we are confident in achieving our objectives for the full year," said in a statement the chairman of the board, Manfred Wennemer.
The group, which has disbursed over 10 billion euros for VDO, adding that its net debt reached 11.22 billion euros, bringing its debt ratio (gearing) to 162%.
"By the end of the year, we expect a significant reduction of our debt," acted as chief financial officer Alan Hippe.
Continental maintains its forecast of 2008, namely a turnover of over 26.4 billion euros and an EBIT margin of more than 9.3% excluding costs related to the acquisition of
VDO.
At the general meeting of the group met Friday, Wennemer suggested that the turnover could exceed 30 billion euros in 2011 and that EBIT could reach three billion euros.
At the Frankfurt Stock Exchange, Continental action yields 1.26% to 75.79 euros to 7:40 GMT while the DJ Stoxx European car sells approximately 0.7%. At the same time in Paris, Michelin fall of 9.5% after the downward revision of its annual forecasts.
by erectusplus at 7:26 PM |
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