Continental: first-quarter EBIT better than expected
(CercleFinance.com) - German auto parts maker Continental reported a smaller-than-expected fall in its first-quarter earnings at its annual shareholder meeting in Hanover on Friday.
The company's preliminary adjusted EBIT decreased to 884 million euros for the quarter from January to March, from 1.1 billion euros a year earlier.
At 11 billion euros, sales were flat year-on-year.
In its statement, Conti said that it suffered from a "weak market environment."
In the first three months of 2019, global automobile production was down by over 6% year-on-year, according to preliminary figures, the group said.
Continental also said that its powertrain unit's IPO has been delayed. This deal is now expected to be ready by the end of the second half, it said, with trading expected to start from 2020.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The company's preliminary adjusted EBIT decreased to 884 million euros for the quarter from January to March, from 1.1 billion euros a year earlier.
At 11 billion euros, sales were flat year-on-year.
In its statement, Conti said that it suffered from a "weak market environment."
In the first three months of 2019, global automobile production was down by over 6% year-on-year, according to preliminary figures, the group said.
Continental also said that its powertrain unit's IPO has been delayed. This deal is now expected to be ready by the end of the second half, it said, with trading expected to start from 2020.
Copyright (c) 2019 CercleFinance.com. All rights reserved.