Continental Q1 net income halves as rising prices weigh

German car parts supplier Continental on Wednesday said its net income almost halved in the first quarter of the year as rising raw materials, logistics and energy prices took toll on its business. First-quarter net income was at 245 million euros ($258.35 million), down from 448 million in the same period last year. The automotive division reported an adjusted loss before interest and tax of 165 million euros.

German car parts supplier Continental on Wednesday said its net income almost halved in the first quarter of the year as rising raw materials, logistics, and energy prices took a toll on its business. First-quarter net income was at 245 million euros ($258.35 million), down from 448 million in the same period last year.

The automotive division reported an adjusted loss before interest and tax of 165 million euros. The company confirmed its 2022 revenue and EBIT margin outlook which it revised in April. ($1 = 0.9483 euros)

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