FRANKFURT, April 28 (Reuters) - German automotive supplier Continental increased underlying earnings more than expected in the first quarter, benefiting from further growth in global vehicles production and carmakers’ rising spending on self-driving technology.
Adjusted operating profit (EBIT) rose around 10 percent to about 1.2 billion euros ($1.3 billion), Continental said in a statement on Friday, beating the consensus forecast of 1.14 billion in a Reuters poll of analysts.
“Despite increased raw material costs, all indications are that we will comfortably achieve the ambitious targets we set ourselves for 2017,” Chief Executive Elmar Degenhart said in the statement.
Continental released core financial results for the January-to-March period ahead of its annual general meeting on Friday in Hanover, Germany. Full quarterly earnings are due for publication on May 9.
$1 = 0.9200 euros Reporting by Andreas Cremer and Maria Sheahan; Editing by Victoria Bryan