HANOVER (dpa-AFX) - Continental (CTTAY.PK) reported first-quarter adjusted EBIT of 884 million euros, down 17.1% from prior year. Adjusted EBIT margin was 8.1 percent compared to 9.7 percent, a year ago.
First-quarter sales were 11.0 billion euros, up 0.3% year-on-year. While global automobile production was down by more than 6 percent year-on-year, the company's organic growth was down by only 2 percent.
Continental's CEO Elmar Degenhart said: 'Global car production was down substantially at the beginning of the year, as expected. That is why our solid results are all the more gratifying, thanks to our strong market position on the mobility markets worldwide. Our increased cost discipline also contributed to this achievement.'
Continental continues to expect a market upturn in the second half of the year and so maintained its annual guidance.
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