HANOVER (dpa-AFX) - German automotive supplier and tire manufacturer Continental AG (CTTAY.PK) reported Thursday that its first-quarter net income attributable to the shareholders of the parent declined 22 percent to 575 million euros from last year's 738 million euros. Earnings per share fell to 2.88 euros from 3.69 euros a year ago.
Adjusted EBIT was down 17.1 percent from last year to 884 million euros. This corresponds to an adjusted EBIT margin of 8.1 percent, down from 9.7 percent a year ago.
Sales for the quarter edged up 0.3 percent to 11.047 billion euros from 11.013 billion euros a year ago.
Looking ahead, Continental continues to expect a market upturn in the second half of the year and maintained its annual guidance.
In January, the company had said that it expects the annual production volume of cars and light commercial vehicle to be on a par with the previous year.
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