Continental 1Q Sales Fell
April 27 2020 - 11:12AM
Dow Jones News
By Mauro Orru
Continental AG said Monday that its sales for the first quarter
of 2020 fell year-on-year amid disruption from the coronavirus
pandemic, according to preliminary figures.
The German automotive-parts manufacturer said sales for the
quarter fell 10.9% to 9.84 billion euros ($10.67 billion) before
changes in the scope of consolidation and exchange-rate
effects.
The adjusted earnings before interest and taxes margin came in
at 4.4%, the company said.
Continental previously expected sales in a range of EUR9.4
billion to EUR9.8 billion for the quarter, with its adjusted EBIT
margin expected to come in at about 2% to 3%.
The company said it wouldn't provide an outlook for 2020 at this
time.
"The environment continues to be characterized by substantial
uncertainty regarding the duration and severity of the disruptions
and it remains difficult to gauge possible further adverse
consequences on production, the supply chain and demand," the
company said in a statement.
Continental will publish its financial report for the first
quarter on May 7.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
April 27, 2020 11:57 ET (15:57 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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