HANOVER (dpa-AFX) - Automotive supplier and tire manufacturer Continental (CTTAY.PK) reported that its first quarter net income attributable to its shareholders increased 59.6% year-over-year to 382.2 million euros or 1.91 euros per share from last year.
Consolidated sales for the first quarter were 10.31 billion euros, an increase of 11.1 percent from last year.
The global production of passenger cars and light commercial vehicles weakened slightly compared with the fourth quarter of 2022 but increased year-on-year, according to preliminary figures. Compared with the first quarter of 2022, it rose by around 6 percent to 21.1 million units.
Continental still anticipates consolidated sales for fiscal 2023 of around 42 billion euros to 45 billion euros and an adjusted EBIT margin of around 5.5 to 6.5 percent. This includes additional costs of around 1.7 billion euros as a result of the price increases for materials, wages and salaries as well as energy and logistics.
For the year as a whole, Continental continues to expect the global production of passenger cars and light commercial vehicles to increase by 2 to 4 percent compared with the previous year's figure of around 82.3 million vehicles.
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