Continental expects higher sales but lower profit in 2023

Scarcity of semiconductors, rising material and energy prices, and other factors will have a negative impact on profit.

Image credit: Getty images By James Dan

Despite this, the company Continental AG still expects to have a positive year in terms of sales and profits.

Image credit: Getty images

On Wednesday, the German auto parts supplier posted a net profit of 66.6 million euros ($70.8 million) for the entire year, down from EUR1.44 billion the year before.

Image credit: Getty images

Compared to 2021, adjusted earnings before interest and taxes were 1.95 billion euros, down from 2021's 1.85 billion euros.

Image credit: Getty images

The equivalent margin decreased from 5.5% to 5% from the prior year and Revenue increased from 33.77 billion to 39.41 billion euros.

Image credit: Getty images

Chief Executive Officer Nikolai Setzer claimed that the conflict against Ukraine resulted in higher pricing for energy, raw materials, semi-finished goods, and logistics.

Image credit: Getty images

Chief Executive Officer Nikolai Setzer stated, "Despite experiencing obstacles, we reached our sales and profitability forecast for the group.

Image credit: Getty images

Continental stated that it anticipates revenues of between EUR 42 and EUR 45 billion for 2023, with an adjusted EBIT margin of around 5.5% to 6.5%.

Image credit: Getty images

In comparison to the previous year, the business indicated it will propose a dividend of EUR1.50 per share.

Image credit: Getty images

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Scarcity of semiconductors, rising material and energy prices, and other factors will have a negative impact on profit.

Continental expects lower profit

Despite this, the company Continental AG still expects to have a positive year in terms of sales and profits.

On Wednesday, the German auto parts supplier posted a net profit of 66.6 million euros ($70.8 million) for the entire year, down from EUR1.44 billion the year before.

Compared to 2021, adjusted earnings before interest and taxes were 1.95 billion euros, down from 2021's 1.85 billion euros.

The equivalent margin decreased from 5.5% to 5% from the prior year and Revenue increased from 33.77 billion to 39.41 billion euros.

Chief Executive Officer Nikolai Setzer claimed that the conflict against Ukraine resulted in higher pricing for energy, raw materials, semi-finished goods, and logistics.

Chief Executive Officer Nikolai Setzer stated, "Despite experiencing obstacles, we reached our sales and profitability forecast for the group.

Continental stated that it anticipates revenues of between EUR 42 and EUR 45 billion for 2023, with an adjusted EBIT margin of around 5.5% to 6.5%.

In comparison to the previous year, the business indicated it will propose a dividend of EUR1.50 per share.

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