Plus   Neg

Continental AG: Impairments, Restructuring Expenses To Result In Negative Value For Q3 Reported EBIT

Continental AG (CTTAY.PK) reported preliminary consolidated sales of the Group for the third quarter of fiscal 2020 of EUR 10.295 billion, versus EUR 11.103 billion in the prior year quarter. Adjusted EBIT margin for the quarter was 8.1%.

Sales in Automotive Technologies declined to EUR 4.101 billion, whereas Sales in Rubber Technologies was down slightly to EUR 4.333 billion. Sales in Powertrain Technologies were EUR 1.909 billion.

Continental AG said its financial results in the quarter are above current average analyst expectations. However, the company expects impairments and restructuring expenses to result in a negative value for reported EBIT and also result in a negative value for net income attributable to shareholders.

The company expects to recognize goodwill impairments of EUR 649 million in the Vehicle Networking and Information business area. Additionally, restructuring expenses and asset impairments that are part of the expanded "Transformation 2019-2029" structural program resulted in expenses of EUR 687 million in the quarter.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The Federal Aviation Administration issued first airworthiness certificate for one of the new Boeing 737 Max jets on Monday since the aircraft was grounded worldwide in March 2019 following two crashes that killed 364 people, media reports quoting a FAA spokesman said. Amazon Web Services or AWS, the cloud division of Amazon, announced the launch of new virtual computing instances, known as EC2 Mac instances, for Apple app developers. The new Mac instances will help AWS users to run Apple's macOS operating system on Amazon Elastic Compute Cloud or Amazon EC2. EC2 Mac instances will allow customers to run on-demand macOS workloads in the AWS cloud. You stand a chance to win a free mouth-watering and saucy McRib Sandwich from McDonald's, that will be reintroduced on December 2 after being off its menu since 2012. But there is a condition. McDonald's will be giving out a FREE McRib to the first 10,000 entries that post a picture of their cleanly-shaven or baby-smooth face on their public Twitter or public Instagram profile.
Follow RTT