Adjusted* EBIT margin for fiscal 2010 around 9.5 percent
(lifePR) (Hannover, )Similar to the preceding quarters the Continental Corporation was able in the 4th quarter of 2010 again to benefit from the momentum in the rebounding auto industry. "On the wings of better-than-expected business in the last three months of the year, we realized sales of over €25.5 billion in 2010. And despite an additional year-on-year cost burden in the Rubber Group of approximately €480 million due to the fact that raw material prices were at a record high in 2010, the adjusted* EBIT margin of the Corporation for the whole year 2010 will work out to around 9.5 percent," said Dr. Elmar Degenhart, chairman of the Executive Board of the international automotive supplier, at the North American International Auto Show in Detroit, U.S., on Tuesday.
He pointed out that the adjusted* EBIT of the Powertrain division was above the breakeven point both in the fourth quarter and for the entire fiscal year. This means that a key interme-diate goal of this division has been met a year earlier than planned. With more than 20 million units sold, the Passenger and Light Truck Tires division set a new record for winter tire unit sales in 2010. The corporation will announce the final figures for the fourth quarter as well as for all of fiscal 2010 at the annual financial press conference in Frankfurt on March 3, 2011.
* Before amortization of intangible assets from PPA, changes in the scope of consolidation, and spe-cial effects.
Continental Reifen Deutschland GmbH Büttner Straße 25 D-30165Hannover