Continental Results Exceed Expectations
Continental’s 2Q results have exceeded the forecasts of industry experts.
Compared with 2Q 2002, turnover was down 3.4 per cent to 2.825 billion Euro
(2.925 bn), but operating income rose 11.3 per cent to 216 million Euro
(194 m). The group’s operating margin was 7.6 per cent and, while the car
tyre and truck tyre divisions were slightly below this (6.7 and 7.4 per
cent). ContiTech and Continental Automotive Systems achieved 8.5 and 9.0
peer cent respectively. Conti’s CFO Dr. Hippe was cautious about the
second half of the year, although he said that annual operating profits
could “considerably exceed” the stated target of 700 million Euro.