UPDATE 1-Continental reports 1.2 bln eur 2019 net loss hit by car demand slump [Reuters]
Evercore Inc. Class A (EVR)
Last evercore inc. class a earnings: 4/22 06:00 am
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Source: Reuters
UPDATE 1-Continental reports 1.2 bln eur 2019 net loss hit by car demand slump * Continental 2019 earnings hit by 2.5 bln eur goodwill writedown * Continental says to review cost cut opportunities * Forced redundancies cannot be ruled out (Adds details, quote) FRANKFURT/BERLIN, March 5 (Reuters) - German car supplier Continental said it would step up cost savings after posting a 1.2 billion euro ($1.34 billion) net loss in 2019, sending shares sharply lower as analysts criticised management’s handling of an industry downturn. Cost cut plans will be presented in May because worldwide car production was now expected to fall for the third year in row, by between 2 %to 5%, Chief Executive Elmar Degenhart said on Thursday, adding that forced redundancies may be necessary. Continental announced non-cash goodwill writedowns of 2.5 billion euros and said it expected to deliver and adjusted earnings before interest and taxes (EBIT) margin of 5.5% to 6.5% this year, disappointing analysts. “Con
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