Continental (CTTAY.PK) reported a third quarter net loss to shareholders of parent of 719.3 million euros compared to a loss of 2.00 billion euros, a year ago. Loss per share was 3.60 euros compared to a loss of 9.93 euros. Adjusted operating result (adjusted EBIT) increased to 832 million euros from 612 million euros, prior year. Adjusted EBIT margin was 8.1 percent compared to 5.6 percent.
Third quarter consolidated sales was 10.3 billion euros compared to 11.1 billion euros, a year ago. Before changes in the scope of consolidation and exchange-rate effects, sales were down 2.7 percent. Adjusted sales were 10.27 billion euros, down 6.4 percent.
For fiscal 2020, Continental currently expects consolidated sales of around 37.5 billion euros and an adjusted EBIT margin of around 3 percent. Sales in the Automotive business areas are anticipated to total around 22.0 billion euros and the adjusted EBIT margin is anticipated to be around negative 1.5%.
CEO Elmar Degenhart said: "From an operational standpoint, we did remarkably well in the third quarter. We are confident that, for the year as a whole, we will achieve a positive free cash flow before acquisitions and carve-out effects."
The company noted that its free cash flow before acquisitions and before carve-out effects for fiscal 2020 is expected to be significantly lower than previous year.
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