Continental Tire Sales Grew 10%
Continental AG recorded a 10% gain in tire sales in the first quarter of 2021 compared to the same period in 2020, results the company says were driven in particular by improvements in China and North America.
External tire sales totaled 2.7 billion euros, up from 2.4 billion euros in the first quarter a year ago.
Company-wide, Continental’s sales reached 10.3 billion euros in the quarter, up from 9.9 billion euros a year ago. The company ended the period with a 53% gain in net income — 448 million euros compared to 292 million in 2020.
CEO Nikolai Setzer says, “We are making noticeable progress and tackling the tasks at hand systematically. From an operational perspective, we have made a good start to the fiscal year.”
For the full year, Continental expects sales to total 32.5 billion-34.5 billion euros, accounting for the upcoming spin-off of Vitesco Technologies.
All the while, Continental has pushed ahead with a realignment strategy, including the upcoming planned spin-off of Vitesco . Setzer says the strategy “will give us clarity while providing more freedom to define the separate and diverse strategies. We are focusing systematically on growth and pioneering future technologies when it comes to assisted, automated and autonomous driving. And we are focusing on value when it comes to safety,”
In light of the effects of the COVID-19 pandemic, and global supply issues for semiconductors, Continental’s leader says he was pleased with the company’s performance at the start of the year. The company’s work in China was “particularly positive” compared to the year-ago period.
“From an operational perspective, we have made a good start to the fiscal year.”
Continental says its tire business and ContiTech business stood out in particular.