Continental: shares slide after in line third quarter

(CercleFinance.com) - German auto parts maker Continental said it delivered a "solid" operational performance in the third quarter of 2019, despite markets continuing to decline.


The Hanover-based reported third-quarter sales that are up nearly 3% at 11.1 billion euros, compared to 10.8 billion euros in the same period last year.

When adjusted for changes in its consolidation scope and exchange rates, sales were down 0.3%, it said.

In comparison, global production of passenger cars and light commercial vehicles fell by about 3% in the same period, the group noted.

Conti reported a massive net loss of 1.99 billion euros for the quarter, from a profit of 626 million euros last year, due to impairment on intangible assets and provisions already announced in October on the back of its current structural program.

Looking ahead, the company said it expected "sideways trend" in car production at best in 2020.

After these unsurprising figures, the Continental share was down 1.4% in Frankfurt this morning.

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