BERLIN (Reuters) -Continental confirmed its 2023 outlook on Wednesday as a result of strong first-quarter results, with sales increasing 11.1% to 10.3 billion euros ($11.34 billion).
The German automotive parts company said adjusted earnings before interest and taxes had risen 35% to 578 million euros in the quarter, with particularly strong sales in its automotive segment.
Chief Executive Nikolai Setzer said the results had been solid, "despite adverse market and external conditions".
He added, "The good start to the year by our Tires group sector and the earnings performance of ContiTech are encouraging."
Continental's executive board confirmed its 2023 outlook, with sales of between 42 billion euros and 45 billion euros and a margin of between 5.5% and 6.5%.
China would remain an important sales and procurement market for Continental, Chief Financial Officer Katja Duerrfeld told Reuters in an interview.
Germany is working on a new China strategy to reduce dependence on Asia's economic superpower, which has been its top trading partner since 2016.
"We have always followed our strategy of investing in the market for the market and also producing in the market for the market," Duerrfeld said. "We still see that as the right strategy when it comes to China."
Interest rate developments in recent months had no discernable impact on the business, she added.
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