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Continental AG Slips To Loss In Q3, Sales Up; Maintains FY19 Outlook

German automotive supplier and tire manufacturer Continental AG (CTTAY.PK) reported Tuesday that its third-quarter net loss attributable to the shareholders was 1.99 billion euros, compared to last year's profit of 626 million euros.

Loss per share were 9.93 euros, compared to profit of 3.13 euros a year ago.

The latest results were hurt by previously announced one-time effects from goodwill impairment and provisions.

Adjusted EBIT was 615 million euros, down 20.1 percent from 768.7 million euros last year. Adjusted EBIT margin fell to 5.6 percent from previous year's 7.1 percent.

Sales went up 3 percent in the third quarter to 11.10 billion euros from 10.79 billion euros a year ago. Sales were down 0.3 percent organically.

By contrast, global production of passenger cars and light commercial vehicles fell about 3 percent in the same period, the company said

Further, the company maintained its fiscal 2019 outlook, expecting sales of about 44 billion euros to 45 billion euros and the adjusted EBIT margin of about 7 to 7.5 percent.

The company anticipates that production rates will continue to decline in the fourth quarter in China, Europe and North America.

For the year as a whole, Continental expects the decline in the global production of passenger cars and light commercial vehicles to be about 6 percent year-on-year.

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