Continental 1Q Profits Drop Sharply, Expects Worse in 2Q
May 07 2020 - 3:20AM
Dow Jones News
By Jessica Sier
Continental AG said Thursday that profits slumped for the first
quarter and it expects the second quarter to weaken further still
due to the coronavirus pandemic and depressed demand from the
automotive industry.
The German automotive-parts manufacturer said net profit fell to
292.3 million euros ($317.1 million), down almost half from
EUR575.2 million for the same period a year earlier.
As announced in late April, sales for the quarter fell 11% to
EUR9.84 billion, and the adjusted EBIT margin dropped to 4.4%.
The financial impact of the coronavirus pandemic will be very
noticeable in the second quarter with European and North American
plant disruption, said Chief Executive Elmar Degenhart.
The German company said production is still suspended at a fifth
of its global 249 operations.
Write to Jessica Sier at jessica.sier@wsj.com
(END) Dow Jones Newswires
May 07, 2020 03:05 ET (07:05 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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