Continental: shares dip after unsurprising earnings report
(CercleFinance.com) - Late on Thursday German auto parts maker Continental posted 2018 results in line with the preliminary figures that it announced in January, an unsurprising performance that failed to lift its shares.
The Hanover-based company said that sales rose by 0.9% to 44.4 billion euros last year, with an adjusted EBIT margin of 9.3%, down from 10.8% in 2017. This means that the group achieved its adjusted annual targets.
In a note to clients, Parisian broker Oddo mentioned that the group's outlook remains "unclear."
Indeed, Conti has conceded that 2019 has got off to a "subdued start," due to continuing market uncertainty, although still reaffirmed its preliminary guidance from early January.
The company still expects sales of around 45 billion to 47 billion euros, with an adjusted EBIT margin of approximately 8% to 9%.
The only real surprise is that Continental proposes a 0.25 euro increase in its dividend to 4.75 euros per share for the past fiscal year.
However, this was not enough to boost the share, down 2.5% in Frankfurt this morning.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The Hanover-based company said that sales rose by 0.9% to 44.4 billion euros last year, with an adjusted EBIT margin of 9.3%, down from 10.8% in 2017. This means that the group achieved its adjusted annual targets.
In a note to clients, Parisian broker Oddo mentioned that the group's outlook remains "unclear."
Indeed, Conti has conceded that 2019 has got off to a "subdued start," due to continuing market uncertainty, although still reaffirmed its preliminary guidance from early January.
The company still expects sales of around 45 billion to 47 billion euros, with an adjusted EBIT margin of approximately 8% to 9%.
The only real surprise is that Continental proposes a 0.25 euro increase in its dividend to 4.75 euros per share for the past fiscal year.
However, this was not enough to boost the share, down 2.5% in Frankfurt this morning.
Copyright (c) 2019 CercleFinance.com. All rights reserved.