Continental Updates Earnings as Realignment Advances and ContiTech Is Sold
Continental reported €4.4 billion consolidated sales, down 9.1% year on year, while organic sales fell 0.3%. Adjusted operating result rose to €570 million and adjusted EBIT margin to 12.9%. After signing an agreement to sell ContiTech, group outlook now covers only tires, with sales of about €13.2–€14.2 billion and margin 12.0–13.5%; ContiTech discontinued operations are forecast at €4.2–€4.8 billion and 7.0–8.5%, with adjusted EBIT margin at 15.3% vs 12.1% in the prior-year quarter.