By Max Bernhard
Continental AG (CON.XE) said Friday that first-quarter earnings fell, but backed its guidance for the year.
Adjusted earnings before interest and taxes fell to 884.2 million euros ($985.12 billion) from EUR1.07 billion in the same period a year earlier, the German auto-parts supplier said.
Revenue edged 0.3% higher to EUR11.05 billion.
Continental said it continues to expect a market upturn in the second half of the year and backed its outlook for the year ahead.
"Global car production was down substantially at the beginning of the year, as expected," said Chief Executive Elmar Degenhart, adding that Continental's earnings benefited from a strong market position and cost discipline.
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