Continental Preliminary Q3 Sales Down; Cuts FY21 Outlook

Continental (CTTAY.PK) reported that its third-quarter preliminary consolidated sales declined from last year. The company cut its fiscal year 2021 outlook due to the ongoing constraints related to semiconductor components as well as uncertainties related to the supply chain and in customer demand.

Continental now expects that global light vehicle production growth in fiscal 2021 will be between -1% and +1% versus fiscal 2020. The company's previous outlook assumed global light vehicle production would grow by 8% to 10%.

The company cut annual consolidated sales outlook to a range of about 32.5 billion euros - 33.5 billion euros from the prior outlook of 33.5 billion euros - 34.5 billion euros.

The company now projects annual adjusted EBIT margin to be in the range of about 5.2% to 5.6% compared to the prior outlook of 6.5% to 7.0%.

Consolidated sales of the continental Group for the third-quarter declined to 8.04 billion euros from the prior year's 8.68 billion euros. Adjusted EBIT margin was 5.2% compared to 8.4% in the prior year. Year-on-year sales growth before changes in the scope of consolidation and exchange-rate effects was -8.5%.

The company will release financial statement for the third quarter of fiscal 2021 on November 10, 2021.

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