BERLIN (Reuters) – Continental lowered its expected earnings margin for the year to 4.7-5.7% from 5.5-6.5% due to lower anticipated global production of passenger cars and rising costs in raw materials, energy, and logistics.
The supplier said it expected global production of passenger cars and light commercial vehicles to increase 4-6% year on year in 2022, down from its forecast of 6-9% in March.
Preliminary results indicated the supplier had made consolidated sales totalling 9.3 billion euros ($10.2 billion) in the first quarter, down from 8.6 billion euros last year, with an earnings margin of 4.7%.
($1 = 0.9155 euros)
(Reporting by Victoria Waldersee)
