Continental Profit Squeezed by Weak Auto Market in Europe [BNN Bloomberg (Canada)]
CONTL AG S/ADR (CTTAY)
NASDAQ:AMEX Investor Relations:
continental-corporation.com/en/investors/overview
Company Research
Source: BNN Bloomberg
The margin on adjusted earnings before interest and taxes will be about 2% in the first quarter, the German auto parts maker said. That's less than half what analysts expected, according to estimates compiled by Bloomberg. Sales are expected to be €9.8 billion ($10.4 billion), below analyst guidance of €10.1 billion, according to an unscheduled release Tuesday after markets closed in Europe. The company nonetheless confirmed guidance for the full year, saying conditions will improve later in fiscal 2024. The company had flagged at its annual press conference earlier this year that global auto output will likely be flat and warned of higher personnel costs that will weigh on earnings. Continental is under pressure to cut expenses while having to invest in new technologies, with a review underway to explore possible divestments, joint ventures and partnerships at the auto unit that's fallen behind peers. The company flagged a one-off expense of €500 million for the reacquisition
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