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

Reuters
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

FRANKFURT (Reuters) - Germany's Continental AG (CONG.DE) 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 (41.3 billion pounds) 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.

(Reporting by Maria Sheahan)