Continental AG’s Tires Group performed particularly well during the third quarter of 2024, posting $3.6 billion in sales.
That represents a 1.9% increase from the same period in 2023.
Adjusted EBIT margin for the company’s tire business was up 13.3% versus the third quarter of 2023.
“Tires is performing well in terms of profitability,” says Continental CEO Olaf Schick, “with the winter tire business getting off to a good start.”
Overall results
Overall, “we posted good results for the third quarter,” he explained. The Hanover, Germany-based company posted consolidated sales of $10.3 billion, with global adjusted EBIT of $918.5 million.
But Continental’s ContiTech division faced challenges during 3Q 2024.
The unit's earnings “were dented by continued weak industrial development in Europe and North America,” according to Continental officials.
“Continental does not expect the industrial business to recover during the fourth quarter and is therefore adjusting its sales and earnings outlook for ContiTech. As a result, sales expectations have also been lowered for the Continental Group, as a whole.”
Busy in the U.S.
Continental Tire the Americas LLC, Continental AG’s North American subsidiary, continued to invest in its U.S. operations during the third quarter of 2024.
It launched two consumer tires, the Continental TrueContact Tour54 all-season touring tire and Grabber H/T all-season touring tire, and its first electric vehicle-compatible TBR tire, the Conti HAU 5.
The company opened its 24th BestDrive commercial tire location, a facility in Charlotte, N.C., and announced its first fully owned distribution center, a 753,000-square-foot facility in the Dallas, Texas, metro area.
And two new iterations of the ContiConnect medium truck tire management tool were rolled out in the U.S.
