Continental: third-quarter in line; guidance confirmed

(CercleFinance.com) - German automotive supplier Continental has posted a 14% drop in third-quarter net profit, citing a "considerably depressed" market environment, in line with analysts' expectations.


Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by 10.8% to 1.41 billion euros, on revenues that edged up (+0.9%) to 10.8 billion euros, the group said on Thursday.

The company also reported net income that is down 14% at 626 million euros.

Conti confirmed its revised earnings and cash-flow forecast for the current fiscal year.

For the full-year, the group still expects an adjusted EBIT margin of over 9%, compared to 7.9% in the first nine months of the year.

Continental shares are currently down 2.1% at 141.1 euros in late morning trading, underperforming a 0.2% drop in Germany's blue-chip DAX index.

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