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Continental raises free cashflow target

Reuters
Hostesses distribute bags of German tyre company Continental before the shareholder meeting in Hanover, Germany, April 25, 2014. REUTERS/Fabian Bimmer/File Photo (Reuters)

BERLIN (Reuters) - Auto parts and tyre maker Continental raised its guidance for free cashflow on Wednesday, saying it is targeting higher full-year profit after first-quarter earnings rose. Free cashflow, a key criterion for earnings quality, may increase to at least 2 billion euros (1.58 billion pounds) by the end of the year, from a previous target of at least 1.8 billion euros, Continental said on Wednesday. Net debt fell to 3.08 billion euros after the first three months from 4.10 billion a year earlier, the Hanover-based group said. Continental reported key quarterly earnings last Friday, predicting full-year profit to rise on an expected pick-up in the automotive sector after earnings in the January-March period rose on stronger demand for tyres and industrial parts. (Reporting by Andreas Cremer; Editing by Victoria Bryan)