Continental posts 74% rise in Q3 profit

4th November 2011

German tyre giant Continental has reiterated its full-year sales forecast after posting a significant rise in third-quarter profit.

The Hannover-based firm has reported that earnings before interest and taxes during the three-month period reached 635.7 million euros (£548.3 million), a rise of 74 per cent from the 365.1 million euros it posted a year earlier.

Sales increased by 19 per cent to 7.71 billion euros, prompting Continental to reiterate a forecast published in the summer that sales in 2011 will reach at least 29.5 billion euros or more.

For the first nine months of the year, net income more than doubled to 893.7 million euros compared to 363 million euros during the same period in 2010.

"More than half our portfolio is in the fastest-growing segments in the automotive industry," Continental's chief financial officer Wolfgang Schaefer said in a telephone interview with Bloomberg.

Earlier this month, French firm Michelin revealed that revenue for the three months ending September 30th rose 11 per cent to reach 5.14 billion euros.

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Posted by Danielle Barge