Continental AG Expects Sales of 9.8 Billion Euros for First Quarter
Continental AG expects to post consolidated sales of 9.8 billion euros for the first quarter of 2020 versus sales of 11 billion euros recorded during the same period in 2019.
The company reports that its 1Q 2020 Rubber Technologies Group achieved sales of nearly four billion euros, down from 4.4 billion euros during 1Q 2019.
The results are "above the company's expectations as announced on April 1, 2020, as well as the current average estimates of analysts," according to Continental officials.
"In the first quarter of 2020, free cash flow before acquisitions and carve-out effects amounted to 59 million euros."
As of March 31, Continental had cash and cash equivalents of more than 2.5 billion euros.
The company will release its interim first quarter report on May 7.