Continental: earnings burst, down 95%
(CercleFinance.com) - Continental has announced that its consolidated sales reached 39.
4 billion euros in 2022, up 16.7% on 2021.
Meanwhile, adjusted EBIT rose by 5.2% to 2 billion euros.
However, operating profit collapsed 59.1% to 755 million euros (vs. E1.8bn). The decline was even worse at the bottom line, with 2022 net profit disintegrating 95.4% to 67 million euros, (vs. E1.4bn).
Continental says the company's performance was particularly affected by the effects of the war in Ukraine, restrictions due to the coronavirus pandemic in China, the ongoing shortage of semiconductors and additional costs of around E3.3bn, resulting from higher prices for raw materials, semi-finished products, energy and logistics.
Given the many challenges, management performed well operationally in 2022, achieving its sales and profit forecasts for the Continental Group, achieved a respectable result.
For 2023, Continental expects consolidated sales of 42 to 45 billion euros.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
4 billion euros in 2022, up 16.7% on 2021.
Meanwhile, adjusted EBIT rose by 5.2% to 2 billion euros.
However, operating profit collapsed 59.1% to 755 million euros (vs. E1.8bn). The decline was even worse at the bottom line, with 2022 net profit disintegrating 95.4% to 67 million euros, (vs. E1.4bn).
Continental says the company's performance was particularly affected by the effects of the war in Ukraine, restrictions due to the coronavirus pandemic in China, the ongoing shortage of semiconductors and additional costs of around E3.3bn, resulting from higher prices for raw materials, semi-finished products, energy and logistics.
Given the many challenges, management performed well operationally in 2022, achieving its sales and profit forecasts for the Continental Group, achieved a respectable result.
For 2023, Continental expects consolidated sales of 42 to 45 billion euros.
Copyright (c) 2023 CercleFinance.com. All rights reserved.