Continental profit up on reduced costs [Yahoo! Finance]
CONTL AG S/ADR (CTTAY)
NASDAQ:AMEX Investor Relations:
continental-corporation.com/en/investors/overview
Company Research
Source: Yahoo! Finance
As in the second quarter of 2024, Continental's tyres group sector posted a good adjusted-EBIT on the back of improved business in Europe. Earnings in ContiTech, by contrast, were dented by continued weak industrial development in Europe and North America. Continental does not expect the industrial business to recover in the fourth quarter and is therefore adjusting its sales and earnings outlook for ContiTech and ‘as a result, sales expectations have also been lowered for the Continental Group as a whole'. In the third quarter of 2024, Continental achieved consolidated sales of €9.8 billion (Q3 2023: €10.2 billion, -4.0 percent). Its adjusted operating result increased to €873 million (Q3 2023: €642 million, +36.0 percent), corresponding to an adjusted EBIT margin of 8.9 percent (Q3 2023: 6.3 percent). Net income in the third quarter amounted to €486 million (Q3 2023: €299 million, +62.8 percent). Commenting on the results, Conti CFO Olaf Schick said: “Faced with weak automo
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