HANOVER, Germany (April 30, 2015) — Continental A.G., aided by the first-time inclusion of results from the former Veyance Technologies Inc., reported 14-percent higher first-quarter sales of $10.4 billion and pre-tax operating income of about $1.1 billion.
“Given the still only sluggish development in our sales markets, the start to the current year was very encouraging,” said Continental CEO Elmar Degenhart.
“We anticipate that the replacement tire market in Europe will improve in the quarters ahead. As a result of the positive development in new registrations particularly in Western Europe, we also expect an increase in the number of passenger cars produced. Accordingly, our sales and earnings will also continue to improve in the coming quarters.”
Conti said integration costs and one-time expenses for Veyance amounted to about $40 million, cutting into the first-quarter profits.
Conti will publish its full first-quarter earnings on May 7.