Continental Posts Preliminary Third Quarter Results
Continental AG’s third quarter financial results were “above current average analyst expectations,” according to a preliminary report.
Continental’s overall, consolidated sales for the quarter are expected to total 10.9 billion euros, down from $11 billion euros posted during the same period last year.
Sales in the company’s Rubber Technologies unit are expected to reach 4.3 billion euros, slightly down from 4.6 billion euros in 3Q 2019.
Continental officials add that restructuring expenses and asset impairments that are part of the firm’s “Transformation 2019-2029” program resulted in expenses of 687 million during the quarter.
“Further expenses for restructuring and asset impairments related to this program are expected to be recognized in the fourth quarter of 2020, though the amounts are not clarified at this time.
“Given the current uncertainty around potential disruptions related to the COVID-19 pandemic that may occur in the remainder of 2020, the executive board of Continental AG expects only to be able to provide an outlook for fiscal 2020 in conjunction with the publication of the financial report for the first nine months of 2020 on Nov. 11, 2020.”