After a \u201cweak first quarter in 2024\u201d, Continental expects earnings to improve as the year progresses \u2013 particularly in the second half of the year, the company announced. Overall, Continental still anticipates consolidated sales for 2024 of around \u20ac41.0\u00a0billion to\u00a0\u20ac44.0\u00a0billion and an adjusted EBIT margin of around 6.0\u00a0to\u00a07.0\u00a0percent.<\/p>\n\n\n\n
\u201cWe are pursuing our goals resolutely and sustainably. We are on track with the implementation of our measures to achieve our mid-term targets. And in 2024 we will be taking another step forward. The first quarter will be our weakest this year. As the year progresses, we will see improvements across the three group sectors Automotive, Tires and ContiTech,\u201d Continental CEO Nikolai Setzer said in Hanover, Germany, on Wednesday.<\/p>\n\n\n\n
In the first quarter of 2024, Continental achieved consolidated sales<\/strong> of \u20ac9.8 billion (Q1 2023: \u20ac10.3 billion, -5.0 percent). Its adjusted operating result<\/strong> was \u20ac196 million (Q1 2023: \u20ac574 million, -65.8 percent), corresponding to an adjusted EBIT margin<\/strong> of 2.0 percent (Q1 2023: 5.6 percent).<\/p>\n\n\n\n Net income<\/strong> in the first quarter amounted to -\u20ac53 million (Q1 2023: \u20ac382 million, -113.9 percent). Adjusted free cash flow<\/strong> was -\u20ac1.1 billion (Q1 2023: -\u20ac949 million). <\/p>\n\n\n\n \u201cAs announced, adjusted free cash flow in the first quarter was heavily impacted by the \u20ac500 million payment for the buyback of shares in ContiTech AG. For the year, we still anticipate adjusted free cash flow of around \u20ac0.7 billion to \u20ac1.1 billion,\u201d said Continental CFO Katja Garcia Vila, adding: \u201cDespite the weak first quarter, we see sufficient potential for improvement across all group sectors, which is why we are confirming our outlook for fiscal 2024.\u201d<\/p>\n\n\n\n At the start of the year, the global production of passenger cars and light commercial vehicles recorded a slight decline year-on-year, falling by around 1 percent compared with the first quarter of 2023 to 21.2 million units (Q1 2023: 21.4 million units). <\/p>\n\n\n\n Vehicle production in Continental\u2019s core market of Europe, in particular, was weaker from January to March 2024 than in the prior-year period, at around 4.4 million units (-3 percent). In North America, production rose slightly to around 3.9 million vehicles (+1 percent). China had a good start to the year, producing around 6.1 million vehicles in the first quarter of 2024, up 4 percent year-on-year. <\/p>\n\n\n\n For the year as a whole, Continental still expects global passenger car and light commercial vehicle production to be roughly on par with the previous year, trending in a range of -1 to +1 percent. <\/p>\n","protected":false},"excerpt":{"rendered":" After a \u201cweak first quarter in 2024\u201d, Continental expects earnings to improve as the year progresses \u2013 particularly in the second half of the year, the company announced. Overall, Continental still anticipates consolidated sales for 2024 of around \u20ac41.0\u00a0billion to\u00a0\u20ac44.0\u00a0billion […]<\/p>\n","protected":false},"author":2,"featured_media":13452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[48,54,24],"tags":[],"_links":{"self":[{"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/posts\/14273"}],"collection":[{"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/comments?post=14273"}],"version-history":[{"count":1,"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/posts\/14273\/revisions"}],"predecessor-version":[{"id":14276,"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/posts\/14273\/revisions\/14276"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/media\/13452"}],"wp:attachment":[{"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/media?parent=14273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/categories?post=14273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.automotive-today.ro\/index.php\/wp-json\/wp\/v2\/tags?post=14273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}