Credit: REUTERS/FABIAN BIMMERBERLIN, April 23 (Reuters) - German automotive supplier Continental AG CONG.DE reported a rise in sales and operating margin in the first quarter on Friday, adding that its financial results exceeded analyst consensus.
Sales rose by 8.6%, adjusted for changes in the scope of consolidation and exchange-rate effects, to 10.3 billion euros ($12.41 billion). Its adjusted EBIT margin stood at 8.1%.
It affirmed its full-year guidance, saying it continued to experience challenges including the COVID-19 pandemic, the continued shortage of semiconductors, increasing costs for raw materials, constraints related to logistics as well as uncertainty and volatility in customer demand.
Continental said last month that it expects to return to net profit this year despite a microchip shortage that is expected to drag on for months.
($1 = 0.8298 euros)
(Reporting by Maria Sheahan Editing by Riham Alkousaa)
((maria.sheahan@thomsonreuters.com; +49 30 22013 3680;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
