(Adds share reaction, detail from statement)
FRANKFURT, Oct 29 (Reuters) - German tyre and car components maker Continental on Wednesday posted a stronger-than-expected 30 percent jump in operating profit for the third quarter and raised its guidance for the full year.
Earnings before interest, tax and amortisation (EBITA) rose to 262 million euros ($306.7 million). The figure exceeded a forecast of 211 million euros in a Reuters poll of 18 analysts.
Conti lifted its forecast for 2003 operating profit to 750 million euros, from its previous forecast of over 700 million euros.
The tyre and parts maker cited rising demand for installations of key products, including electronics systems. Continental has focused on expanding its higher-margin electronics business as cars have become more sophisticated.
"Due to the gratifying gains in volume, we are raising our earnings forecast," Continental Chief Executive Manfred Wennemer said in a statement.
The world's fourth-largest tyre maker is also reaping the benefits of a major revamp at its tyre business, where it has shut expensive factories and invested in eastern Europe over the past three years.
Continental supplies customers such as Volkswagen , BMW and Mercedes with features such as cruise control and anti-lock braking systems.
Overall group sales were little changed at 8,485 million euros for the first nine months, compared with 8,484 a year ago.
The company's stock, which has more than doubled from a low in March as investors have applauded recent restructuring efforts, was flat at 1021 GMT, roughly in line with other European auto stocks .
French rival Michelin , Europe's biggest tyre maker, said last week high raw material costs and a strong euro had hit sales in the third quarter and would push down its operating margin in the full year.