Continental beats expectations with 4.4% margin in Q2 – Reuters

July 20, 2022 by No Comments

A tyre of German tyre company Continental is pictured before the annual news conference in Hanover, Germany,March 7, 2019. REUTERS/Fabian Bimmer

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BERLIN, July 20 (Reuters) – Continental (CONG.DE) reported better-than-expected sales of 9.4 billion euros ($9.63 billion) in the second quarter on Wednesday with an adjusted earnings margin of 4.4%, slightly above analysts’ expectations of 4.2%.

The car parts supplier, which in May cut its earnings forecast to 4.7%-5.7% from 5.5-6.5%, confirmed the lower outlook in preliminary results ahead of its half-year report on August 9.

Second-quarter sales came in slightly above the first quarter’s 9.3 billion euros.

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Sales in the second quarter of last year, before the company spun off its powertrain division in September, reached 9.9 billion euros with a 7.2% margin.

Continental warned in March of a subdued start to 2022 and that war in Ukraine could have lasting consequences on its supply chain.

In April it said it was in talks with customers to raise prices to cover its own rising costs. read more

Automakers from Volkswagen (VOWG_p.DE) to BMW (BMWG.DE) have reported lower sales in the first half of this year, and Europe registered the lowest number of new car registrations …….



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