HANOVER (dpa-AFX) - Continental (CTTAY.PK) reported that its first quarter net income increased to 448 million euros from 292 million euros, last year. Earnings per share was 2.24 euros compared to 1.46 euros. Adjusted EBIT increased to 834 million euros from 433 million euros.
First quarter consolidated sales was 10.3 billion euros compared to 9.9 billion euros, previous year, up 3.5 percent. Before changes in the scope of consolidation and exchange rate effects, sales rose 8.6 percent.
Continental adjusted its outlook for the current fiscal year mainly due to the anticipated spin-off of Vitesco Technologies. For the continuing operations, and thus excluding Vitesco Technologies, the company expects sales of 32.5 billion euros to 34.5 billion euros and an adjusted EBIT margin of 6 to 7 percent for 2021.
The company noted that the spin-off of Vitesco Technologies is scheduled for September 2021.
Copyright RTT News/dpa-AFX
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