Continental AG said that its 2022 performance was hit by material and energy price increases as well as the semiconductor shortage, but it foresees higher sales and earnings in the current year.
The German car-parts supplier 3703, -0.78% on Wednesday reported net profit of 66.6 million euros ($70.8 million) in the full year compared with EUR1.44 billion a year prior.
Adjusted earnings before interest and taxes came in at EUR1.95 billion compared with EUR1.85 billion in 2021, and the corresponding margin was 5% from 5.5% the year earlier. Sales rose to EUR39.41 billion from EUR33.77 billion.
“2022 was particularly challenging for us in several respects. The war against Ukraine drove up the prices for raw materials, semi-finished products, energy and logistics,” Chief Executive Officer Nikolai Setzer said. “Despite facing challenges…we met our sales and earnings forecast for the group.”
For 2023, Continental said it expects sales of between EUR42 billion and EUR45 billion and an adjusted EBIT margin of around 5.5% to 6.5%.
The company said it will propose a dividend of EUR1.50 a share, down from EUR2.20 a share in the previous year.
Write to Giulia Petroni at [email protected]
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