Continental: outperforms market in Q2
(CercleFinance.com) - The Continental share is up 2% in Frankfurt on Wednesday, as the automotive supplier announced that it has outperformed its markets in a second quarter, described as "historically weak".
The German group said that its sales fell by 41% to 6.6 billion euros over the past quarter, compared to 11.3 billion euros a year earlier.
However, Conti points out that this decline is not as bad as that in the automotive market as a whole, where global production slumped by around 45% in the second quarter.
The Hanover-based group nevertheless reported a net loss of 741 million euros over the quarter, compared with a net profit of 485 million euros for Q2 2019.
While it refuses to communicate precise targets for 2020, the company says it expects its annual sales and adjusted operating profit (Ebit) to be "significantly" lower than they were in 2019.
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