German automotive parts maker Continental AG (CTTAY.PK) on Thursday reported that its fiscal 2023 net income attributable to the shareholders surged to 1.16 billion euros from last year's 66.6 million euros.
Earnings per share were 5.78 euros, up from prior year's 0.33 euro.
Adjusted operating result or adjusted EBIT climbed 31.6 percent from last year to 2.52 billion euros, corresponding to an adjusted EBIT margin of 6.1 percent, up from 4.9 percent last year. All three group sectors contributed to the improved adjusted EBIT margin.
Continental achieved consolidated sales of 41.42 billion euros, a growth of 5.1 percent from last year's 39.41 billion euros. Adjusted sales increased 5 percent to 41.30 billion euros.
Further, the Continental Executive Board will propose a 0.70 euro increase in the dividend to 2.20 euros per share for the past fiscal year.
Looking ahead for fiscal 2024, Continental anticipates consolidated sales of around 41.0 billion euros to 44.0 billion euros and an adjusted EBIT margin of around 6.0 to 7.0 percent.
Automotive group sector is expected to to generate sales of around 20.0 billion euros to 22.0 billion euros and an adjusted EBIT margin of around 3.0 to 4.0 percent.
For the current fiscal year, the technology company is targeting an increase in sales and earnings and the margin to improve further, particularly in the Automotive group sector, thanks mainly to the cost-cutting measures, price adjustments and efficiency improvements adopted last year. The goal is also to achieve above-market growth.
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