Europe’s second-largest auto parts supplier, Continental Group, recently announced fourth-quarter profit and operating income, which exceeded analysts’ expectations. The group expects that its Asian sales growth will offset the surge in rubber costs.
Continental Group said that its net profit for the fourth quarter was 213 million euros, compared with net profit of 154 million euros for the same period in 2009. The mainland’s fourth-quarter sales reached 6.9 billion euros, a year-on-year increase of 21%.
Looking ahead to 2011, the mainland stated that the percentage of earnings before interest, tax, depreciation and amortization as a percentage of sales will be maintained at 9.7% last year; sales may increase by about 10% to more than 28.5 billion euros.
Continental Group expects that its operating income will increase by 10% in 2011. The increase in Asian emerging market sales will offset rising rubber costs, and rubber costs are expected to increase by 700 million euros.
In addition, in 2011, the mainland also plans to reduce its debt from 70 billion euros at the end of 2010 to less than 70 billion euros.
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