Continental's second quarter profit surged 46-fold, exceeding analysts'...
Continental's second quarter profit surged 46-fold, exceeding analysts' expectations, as the world's fourth largest tire manufacturer benefited from cost cutting and increased vehicle-parts sales.
Net income rose to 95 million euros ($93 million), or 73 cents a share, from 2 million euros, or 2 cents, a year ago, said Andreas Meurer, a Continental spokesman. Sales were little changed at 2.9 billion euros.
The maker of Continental and Uniroyal tires has been closing factories and merging operations to cut costs. Demand in the U.S. and Europe has increased for electronic parts and brake systems.
``The turnaround is beginning to show the first fruits,'' said Rolf Woller, an analyst at HVB Group with an ``outperform'' rating on the stock. ``We remain optimistic on the shares.''