Continental: Q3 better than expected
(CercleFinance.com) - Continental was the DAX index's biggest riser on Monday morning, following the publication of quarterly results that were not as bad as had been feared, even though the German automotive supplier admitted that it was still facing a "difficult" economic situation.
At around 10am, Conti shares were up by around 5.7%, while the DAX was up by 0.9%: the pan-European automotive index, the STOXX Europe 600 Automobiles & Parts, is up 0.7% in comparison.
Continental generated Q3 sales of E9.8bn, down 4%, but its adjusted operating income rose by 36% to E873m, well ahead of the consensus forecast of E787m.
The Hanover-based group explains that it was able to more than offset the weakness in car production through cost reductions and price adjustments.
However, for FY 2024, Continental says it is now only targeting annual sales of between E39.5bn and E42bn, compared with E40bn-42.5bn previously.
However, analysts are referring to figures that can be considered less worrying than expected, given the particularly negative market sentiment that has surrounded the automotive sector for several weeks.
The share price is still down by around 26% since the start of the year, a much steeper decline than that of the sector as a whole (-15%).
Copyright (c) 2024 CercleFinance.com. All rights reserved.
At around 10am, Conti shares were up by around 5.7%, while the DAX was up by 0.9%: the pan-European automotive index, the STOXX Europe 600 Automobiles & Parts, is up 0.7% in comparison.
Continental generated Q3 sales of E9.8bn, down 4%, but its adjusted operating income rose by 36% to E873m, well ahead of the consensus forecast of E787m.
The Hanover-based group explains that it was able to more than offset the weakness in car production through cost reductions and price adjustments.
However, for FY 2024, Continental says it is now only targeting annual sales of between E39.5bn and E42bn, compared with E40bn-42.5bn previously.
However, analysts are referring to figures that can be considered less worrying than expected, given the particularly negative market sentiment that has surrounded the automotive sector for several weeks.
The share price is still down by around 26% since the start of the year, a much steeper decline than that of the sector as a whole (-15%).
Copyright (c) 2024 CercleFinance.com. All rights reserved.