continental also achieved high order intake in the automotive group sector of around eur 86 billion in the second quarter of 2023new delhi technology company continental ended the second quarter of 2023 with strong earnings again in the tires group sector and high order intake in automotive of around eur 86 billion the contitech group sector achieved solid results while earnings in automotive fell short of expectations mainly due to currency effects and continuing costs for special freight furthermore inflationrelated price negotiations scheduled for the second quarter are still ongoing advt as a result of updated market expectations in the tirereplacement business continental has adjusted its outlook for sales in the tires group sector and for consolidated sales the outlook for the adjusted ebit margins remains unchanged the technology company therefore expects consolidated earnings to increase in the second half of the yeardespite difficult market conditions our tires group sector ended the second quarter with good earnings once again contitechs performance remained solid earnings in automotive however fell short of expectations here we will need to make up considerable ground in the second half of the year by doing so we will also improve our consolidated margin continental ceo nikolai setzer said in hanover on wednesday through our partnership with aurora we have generated significant order intake and taken a major technological step forward in autonomous mobility together we will bring the first commercially scalable autonomous trucking system to the us market he addedin the second quarter of 2023 continental achieved consolidated sales of eur 104 billion q2 2022 eur 94 billion 104 its adjusted operating result adjusted ebit was eur 497 million q2 2022 401 million 241 corresponding to an adjusted ebit margin of 48 q2 2022 43 net income in the second quarter amounted to eur 209 million q2 2022 eur 251 million adjusted free cash flow was eur 14 million q2 2022 eur 687 million we stabilized our adjusted free cash flow yearonyear as well as compared with the first quarter of 2023 as announced we made initial progress with our inventories which we will need to reduce further the same applies to our receivables which remain high and are also having a negative effect on our free cash flow continental cfo katja drrfeld saidoutlook and forecast for fiscal 2023 advt for the current fiscal year continental expects the production of passenger cars and light commercial vehicles to increase by 3 to 5 yearonyear previously 2 to 4 for the global tirereplacement business the technology company expects sales volumes to develop by 2 to 0 previously 1 to 3 continental has adjusted its outlook for the current fiscal year due to the declining european and north american markets in the tirereplacement business continental now expects sales in the tires group sector of around eur 140 billion to eur 150 billion previously eur 145 billion to eur 155 billion and consolidated sales of around eur 415 billion to eur 445 billion previously eur 42 billion to eur 45