HANOVER, Germany (March 24, 2000) — Continental A.G. reported double-digit increases in pre-tax and net earnings and sales for fiscal 1999, reflecting both acquisitions and internal growth.
Pre-tax earnings jumped 34 percent to $544.7 million, while net income leapt 70.2 percent ahead of 1998. Sales rose 35.4 percent to $9.73 billion, increasing the net earnings/sales ratio to 2.6 percent.
Continental General Tire Group in North America recorded a 21.5-percent jump in sales to $1.59 billion, reflecting the first time consolidation of the former Euzkadi tire business in Mexico.
On a unit sales basis, CGT shipped 27 million passenger tires and 2.5 million truck tires, gains of 13 and 8 percent, respectively.
In Europe, sales of passenger tires grew 6.6 percent over 1998, while the commercial vehicle tire group posted a 15.8-percent gain. The ContiTech non-tire products group showed a slight gain, and Continental Automotive Systems Group — primarily the Continental Teves brake and chassis business — posted sales of $2.7 billion. ©