Continental boosts earnings on higher pricing, lower inventories
© Reuters. FILE PHOTO: Logo of German tyre company Continental is pictured before the annual news conference in Hanover, Germany, March 9, 2021. REUTERS/Fabian Bimmer/File Photo
The German multinational auto parts manufacturer adjusted the outlook for the adjusted margin of its tires business upwards to 12.5-13.5% from 12-13% previously, as higher pricing compensated for a decline in North America and Europe. Continental struggled in the second quarter with freight costs, currency effects, and reducing working capital but took a more positive tone on Wednesday, with earnings up 7.1% from the previous year to 637 million euros .
"We still have significant ground to gain in the fourth quarter," Chief Financial Officer Katja Garcia Vila, formerly Dürrfeld, said.
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