May 8, 2018 / 7:24 AM / 19 days ago

Continental says is on track to reach 2018 targets after first quarter

FRANKFURT/HAMBURG (Reuters) - Germany’s Continental AG (CONG.DE) sees itself on track to reach its recently lowered guidance for 2018 thanks to solid demand for automotive assistance, infotainment and connectivity systems which helped lift orders to a record in the first quarter.

FILE PHOTO: The logo of a Continental Trackman rubber track is pictured at the stand of Continental AG, a German automotive manufacturing company specialized in tyres, brakes and car safety during the Hannover Fair in Hanover, Germany, April 25, 2016. REUTERS/Wolfgang Rattay/File Photo

The automotive business posted order intake of 11 billion euros ($13.10 billion), driven mainly by components and systems to help cars become safer and more intelligent, Chief Financial Officer Wolfgang Schaefer told Reuters on Tuesday.

“I am confident that we will have a strong order intake which supports our targets,” Schaefer said.

    Brake systems, driver assistance technologies and vehicle displays for interiors were among the products driving demand, Schaefer said.

    Continental affirmed its guidance for 2018 sales of around 47 billion euros before exchange-rate effects and a margin on adjusted earnings before interest and tax of more than 10 percent.

    Continental will provide a strategic update about its plans to implement a new structure by mid-year, Schaefer said, declining to provide further details.

    Reporting by Edward Taylor and Jan Schwartz; Editing by Maria Sheahan

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