HANOVER (dpa-AFX) - German automotive supplier and tire manufacturer Continental AG (CTTAY.PK) reported that its loss attributable to the shareholders of the parent for the second quarter of 2022 was 250.7 million euros or 1.26 euros per share compared to profit of 545.3 million euros or 2.72 euros per share in the prior year.
Operating result for the second quarter was negative 165 million euros compared to an operating result of 473 million euros last year. It was primarily attributable to accounting effects of around 370 million euros that had to be taken into account in the Automotive group sector as a result of higher interest rates.
Consolidated sales for the quarter were 9.44 billion euros up 13.0 percent from 8.35 billion euros in the prior year.
CFO Katja Dürrfeld said, 'The current headwind is rather like a hurricane, but we are optimistic for the second half of the year. We are therefore maintaining our outlook for the current fiscal year.'
The company maintained outlook for the current fiscal year.
The company still anticipates consolidated sales for the year as a whole of around 38.3 billion euros to 40.1 billion euros and an adjusted EBIT margin of around 4.7 to 5.7 percent. It includes additional costs of 3.5 billion euros as a result of the massive price increases for raw materials, semifinished products, energy and logistics.
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