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Continental AG Prelim. Q2 Results In Line With View; Lowers FY19 Outlook

Continental AG (CTTAY.PK) said the company's second-quarter was solid despite a further downturn in the market environment. Preliminary second-quarter results were in line with expectations. However, the company is now less optimistic about the second half of the year than it was before. Owing to the continued decline in the global production of passenger cars and light vehicles, Continental has adjusted its outlook for fiscal 2019.

Based on preliminary key data, for the second quarter, Continental recorded consolidated sales of around 11.2 billion euros compared to 11.4 billion euros, prior year, and an adjusted EBIT margin of around 7.8 percent compared to 10.2 percent.

For fiscal 2019, Continental now projects consolidated sales to amount to around 44 billion euros to 45 billion euros. The adjusted EBIT margin is expected to be around 7 to 7.5 percent. Previously, the company anticipated sales of around 45 billion euros to 47 billion euros; and adjusted EBIT margin around 8 to 9 percent.

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