Germany’s Continental Posts Higher Profit as Auto Unit Gears Up for Spinoff

Germany’s Continental reported a higher net profit for the second quarter despite lower sales, and said cost controls helped its automotive business ahead of a planned listing next month. The tire maker and car-parts supplier said Tuesday that quarterly net profit for the group jumped to 506 million euros ($585.6 million) from 305 million euros in the year-earlier period, when the company’s results were hit by exceptional restructuring charges. Adjusted operating profit, the company’s preferred earnings metric, jumped 17% to 834 million euros, with a margin that expanded to 8.7% from 7.1% a year before.

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