DETROIT (Jan. 14, 2014) — Continental A.G. exceeded its earnings goals for fiscal 2013, recording a pre-tax operating income margin of 11.2 percent on slightly higher sales, CEO Elmar Degenhart reported prior to the start of the 2014 North American International Auto Show in Detroit.
"Our strong commitment has paid off," he said, "we were able to more than offset the economic limitations in Southern Europe and some emerging markets.'
Conti achieved its earnings targets despite "considerable" negative exchange rate effects, which amounted to more than $950 million. The figures are considered preliminary. Continental will present its provisional business figures on March 6.
Mr. Degenhart called achieving adjusted EBIT of $5 billion an "impressive continuation" of the firm's strategy of the past few years. Sales reached $45.2 billion.
Mr. Degenhart did not provide business unit breakdowns.
For 2014, Conti is targeting growth of about 5 percent, ahead of the projected growth in the global car market, Mr. Degenhart said, while continuing to achieve double-digit adjusted EBIT.
How have tire prices been in the last few months?
|They've gone up 1-5%||
|They've increased 6-10%||
|They've stayed flat||
|They've gone down between 1 and 5%||
|They've gone down 6-10%||
|They've dropped more than 10%||