Continental: shares flat after uninspiring first-quarter

(CercleFinance.com) - German automotive supplier Continental said on Tuesday that first-quarter earnings fell due to a "sluggish" market environment.


Adjusted EBIT decreased by 9 per cent year-on-year to 1.1 billion euros in the first three months of the year on the back of negative exchange-rate effects and negative effects from inventory valuations.

Exchange-rate effects also created headwind on sales, which were unchanged compared to the same period of the previous year at 11 billion euros.

For 2018, Conti is still aiming for sales of approximately 47 billion euros before exchange-rate effects.

The adjusted EBIT margin is set to exceed 10 per cent, said CEO Elmar Degenhart on Tuesday at the presentation of the figures.

Analysts said the numbers were unsurprising and the share was broadly unchanged this morning in Frankfurt, losing 0.1 percent at 228 euros.

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