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Continental Says Q1 Preliminary Results Above Its View

Continental AG (CTTAY.PK) said that its preliminary results for the first quarter of fiscal 2020 are above its prior expectations and current analyst expectations.

Consolidated sales of the Group were 9.844 billion euros and the adjusted EBIT margin was 4.4%. Year-on-year sales growth before changes in the scope of consolidation and exchange-rate effects was -10.9%.

Sales in Automotive Technologies were 4.112 billion euros and the adjusted EBIT margin was 1.8%.

Sales in Rubber Technologies were 3.972 billion euros and the adjusted EBIT margin was 9.8%.

Sales in Powertrain Technologies were 1.829 billion euros and the adjusted EBIT margin was 0.7%.

The company said it continues to experience material changes and disruptions in a significant portion of its business due to the ongoing COVID-19 pandemic. Therefore, it decided to refrain from providing an outlook for the business year 2020 at this time.

The company will release its first quarter results on May 7.

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