Continental Q1 net income halves as rising prices weigh

BERLIN (Reuters) -German car parts supplier Continental on Wednesday said its net income almost halved in the first quarter of the year as rising raw materials, logistics and energy prices took toll on its business.

First-quarter net income was at 245 million euros ($258.35 million), down from 448 million in the same period last year.

The automotive division reported an adjusted loss before interest and tax of 165 million euros.

The company confirmed its 2022 revenue and EBIT margin outlook which it revised in April.

Chief Financial Officer Katja Duerrfeld said Continental made initial progress in negotiations with clients to pass on higher costs, adding that the company still expects a slight improvement regarding the semi-conductor bottlenecks in the second half of the year. However she predicted the crunch to still have an impact in 2023.

($1 = 0.9483 euros)

(Reporting by Riham Alkousaa, editing by Kirsti Knolle)