Continental earnings margin for 2022 near lower end of outlook, preliminary figures show

BERLIN, Jan 17 (Reuters) – Continental (CONG.DE) reported a 5% adjusted earnings margin in 2022 in preliminary figures launched on Tuesday, in the direction of the decrease finish of its outlook, with gross sales of 39.4 billion euros ($42.55 billion).

Within the automotive sector, the adjusted earnings margin was -0.2% for the yr, however the fourth quarter was stronger with a 2.1% margin.

Within the tires sector, the corporate reported a 13.1% annual margin however a barely decrease fourth quarter margin at 10.3%.

Greater manufacturing prices and restrictions in China because of COVID-19 pushed down margins within the ContiTech group sector, reaching 4.7% for the yr, beneath the forecast of 6% to 7%.

The provider mentioned decrease than anticipated money circulation resulted in adjusted free money circulation of round 200 million euros, far beneath its forecast of 600 million to 800 million euros.

($1 = 0.9260 euro)

Reporting by Victoria Waldersee; modifying by Jonathan Oatis

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