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Continental AG Still Expects to Meet 2012 Targets

10/31/2012 | 02:25am US/Eastern

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.


-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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