May 8, 2018 / 6:37 AM / 19 days ago

Continental says is on track to reach 2018 targets after Q1

FRANKFURT, May 8 (Reuters) - Germany’s Continental AG sees itself on track to reach its recently lowered guidance for 2018 after its automotive business took in a record volume of orders in the first quarter.

“We will continue our growth momentum and are still aiming for sales of approximately 47 billion euros ($56.07 billion)before exchange-rate effects. The adjusted EBIT margin is set to exceed 10 percent,” Chief Executive Elmar Degenhart said in a statement on Tuesday.

The automotive business posted order intake of 11 billion euros in the three months through March, which Continental said was the highest quarterly level ever. It did not provide a group figure for order intake. ($1 = 0.8382 euros) (Reporting by Maria Sheahan)

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