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CONTINENTAL AG

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Continental AG Still Expects to Meet 2012 Targets

10/31/2012| 02:25am US/Eastern
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German auto parts supplier Continental AG (>> Continental AG) said Wednesday that despite increasing uncertainties, the company is confident about achieving 2012 targets, given positive developments in the first nine months of the year.

MAIN FACTS:

-Continental AG still sees a rise in sales of more than 7% to over 32.5 billion euro ($42 billion) for the full year.

-Despite a weak start to the season, Continental is aiming for sales of around 20 million winter tires, boosted by tire sales for premium cars such as BMW AG (>> Bayerische Motoren Werke AG) and Audi AG (>> Audi AG) models.

-Fourth quarter sales are expected to be around the level of third-quarter sales, which amounted to EUR8.13 billion.

-Third quarter net profit was EUR449.2 million, above analysts' expectations of EUR410 million.

-"We are currently benefiting considerably from our international positioning and compensating for the declines in southern Europe in particular with growth in North America and Asia," Chief Executive Officer Elmar Degenhart said. 

 
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500

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Stocks mentioned in the article : Continental AG, Bayerische Motoren Werke AG, Audi AG
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Comments on this story
 
This is one of the good thing that is happening to Continental AG, but I think Schaedffler AG should be applaud also because if Schaeffler AG did not take over Continental AG the company could have be in serious financial difficulties by now.
This is the point, as 1419242 says - will they return ? They are not all like Schaeffler and Continental who have managed to maintain a strong presence within the EU countries. Look at Ford in the UK - complete closure - and I really don't think that they are in big finanacial trouble - I think they just got a better deal from Turkey, where apart from the government handout they received, wages and overheads are considerably lower also. It's going to be companies like Schaeffler and Continental that are going to help resolve the EU crisis, but by making wise investments in say India, Hungary or the BRIC countries, thus allowing them to continue within the EU until better times.
The phenomenon on auto companies diverse production around the globe is inevitable. Which company would like to lose money? Let just hope that these companies are like Schaeffler and Conti not completely moving out from one country and start over in another, so that the unemployment situation wont burst in a sudden while balancing the specialty of each party, such as China can focus on production while German one can deal with a more advance development of technology. It's really very hard to tell when will the market rise again in the EU territory right now, so it is early to tell the return of them, but I'm sure the local government will have policy to protect the workers, that they will be dismissed fairly with compensations.
A lot of this continued growth is of course due to their investments in the BRIC countries and Eastern Europe. The way I see it is that by increasing production outside of the EU countries they are able to take advantage of the lower wages/overheads and therefore remain profitable and I do note that Schaeffler and Continental remain strong within the EU countries including the UK. However for other companies that are doing the same thing such as Ford and GM at the sacrifice/closure of factories within the EU/UK where overheads and wages are considerably higher - will these companies ever return or is there going to be a continued and unresolvable problem of unemployment ?
Continental as well as their mainshare holder company Schaeffler are both defenitely good business models in this difficult downturn economical situation in the auto industry ,2012 is really a great year for Conti as they are back to DAX index after absent nearly 3 years. Furthermore, Schaeffler’s 4% revenue growth expectation achieved is not too bad in this still difficult situation compared to other company in other industry as well ,so I think they both will do great and hang on to exceed last whole year’s EBIT as the 2012 year expectation remained unchange.
Even though the next half year full of uncertainty in the market and economy growth, Continental still is confident in their future growth. Indeed, they earned a large amount of growth in the past years. But under such a low demands circumstance, I am kin
This is no surprise that Continental is optimistic about their predicted profit, because they are playing the same strategy as their share holding company, Schaeffler. They both diverse the business in Asia and US, away from the most impacted region in EU. Certainly when Schaeffler is doing incredibly good in these countries, Continental is no exception.
Continental has claimed that the expected sales will increase as the cost of production decreases. Besides, more partnership are formed, like with Audi and BMW. I'm looking forwarder to her q4 performance and Schaeffler's one.
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