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Continental sales up by 8.5pct in FY17

Auto News - Published on Mon, 12 Mar 2018

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Technology company Continental posted strong growth and profitability in fiscal 2017. The company increased its sales by 8.5 percent to €44 billion, with an adjusted EBIT margin of 10.9 per cent, surpassing its targets for the year, according to a company statement.

Mr Elmar Degenhart, chairman of the Executive Board, said: “We are in top form financially, are pioneering technologically, and remain fully focused on the future. This enables us to shape technological change in our industries as a pioneer and from a position of strength.”

The technology company’s net income climbed to €3 billion in 2017, an increase of 6.5 percent year-on-year and earnings of €14.92 per share. Mr Degenhart said that “The Executive Board is proposing to increase the dividend by 25 cents to EUR 4.50, which will be the sixth increase in a row.”

He expects this profitable growth to continue in 2018: “The start we have made to fiscal 2018 has confirmed our expectations. We are therefore reaffirming our outlook from early January. We intend to continue our successful course of growth and profitability."

He said that "For the current year, we are still anticipating a significant rise in sales of just under 7 percent to approximately EUR 47 billion before exchange-rate effects, with an adjusted EBIT margin of around 10.5 percent. This is based on growth in the global production of passenger cars and light commercial vehicles of more than 1 percent to 96.5 million vehicles.”

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Posted By : Rabi Wangkhem on Mon, 12 Mar 2018
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