BERLIN (Reuters) – Continental said on Wednesday its net profit nearly halved in the first quarter, due to higher prices for raw materials, logistics and energy.
The net profit of the German automotive supplier in the first quarter was 245 million euros, against 448 million in the same period last year.
The automotive division recorded an adjusted loss before interest and tax of 165 million euros.
The company confirmed its outlook for revenue and Ebit margin for 2022, after the revision made in April.
Continental has made progress in negotiations with its customers over the passing on of rising costs, Chief Financial Officer Katja Duerrfeld said, adding that the company still expects a slight improvement on the shortage of semiconductors in the world. second semester.
She predicted, however, that the contraction would still have an impact in 2023.
(Report by Riham Alkousaa, French version Augustin Turpin, edited by Kate Entringer)
Copyright © 2022 Thomson Reuters