Continental Flags 100 Million Euro Hit from Iran War
The German car parts supplier warned that rising oil prices linked to the Middle East conflict will impact its tyres division from the second quarter. Despite these pressures, the company reported a higher than expected first quarter operating profit of 522 million euros and maintained its full year outlook.
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Continental AG expects a hit of at least 100 million euros ($117 million) from the conflict in Iran as rising oil prices drive up raw material costs. The Hanover-based supplier warned that its core tires division will face a blow in the low-to-mid triple digit million euro range starting in the second quarter.
