Continental’s H1 sales up 9.9% y/y to USD25.1 billion

Company develops MK C1 brake technology for highly automated driving

Continental has reported 8.8% year-over-year (y/y) decline in net income to EUR1.49 billion (USD1.7 billion as on 30 June 2017) for the first half of the financial year ended 30 June 2017 despite recording 9.9% y/y increase in sales to EUR22 billion (USD25.1 billion), the company said in a press release. Higher sales helped the German supplier report EBITDA of EUR3.3 billion, up 2.3% y/y, and EBITDA margin of 14.9%. However, the company witnessed marginal decline in EBIT to EUR2.3 billion, which led to 110 basis points drop in EBIT margin to 10.3%. Continental reported adjusted EBIT of EUR2.32 billion compared with EUR2.38 billion a year ago, while adjusted EBIT margin dropped from 11.9% y/y to 10.7%.