As we anticipated, the group sector’s earnings in the first quarter were below our full-year forecast and are expected to increase as the year progresses,” said Continental CEO Nikolai Setzer when presenting the quarterly figures on Wednesday in Hanover, Germany. Furthermore, Automotive’s earnings were up slightly, marking a strong improvement compared with the same quarter of last year.
The good start to the year by our Tires group sector and the earnings performance of ContiTech are encouraging. “Despite adverse market and external conditions, we ended the first quarter of 2023 with solid results. Continental is maintaining its outlook for 2023. As a result of inflation, the company is expected to incur additional costs in 2023 of around €1.7 billion for materials, wages and salaries as well as energy and logistics. The technology company anticipates a further improvement in earnings over the course of the year, in particular due to rising production figures for passenger cars and light commercial vehicles, inflation-related price adjustments and cost discipline. Continental started 2023 with solid results, in line with its expectations.
CEO Nikolai Setzer: “Despite adverse market and external conditions, we ended the first quarter with solid results”.
CONTINENTAL FINANCE FREE
Adjusted free cash flow of -€949 million (Q1 2022: -€174 million).Adjusted EBIT margin of 5.6 percent (Q1 2022: 4.6 percent).
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