Continental AG Revises Sales, EBIT Projections
Continental AG has revised its sales and EBIT projections for the year slightly downward due to "uncertainties related to the supply chain and in customer demand."
Continental expects its consolidated net sales to total 32.5 billion euros to 33.5 billion euros, down from a range of 33.5 billion euros to 34.5 billion euros.
The company's total adjusted EBIT margin "is expected to be in the range of approximately 5.2% to 5.6%," down from the originally projected range of 6.5% to 7%.
Its Rubber Technologies division is projected to see sales of 17.2 billion to 17.5 billion, with adjusted EBIT in the range of 12.3% to 12.7%. (Previous EBIT projections were in the range of 12.5% to 13%.)
Earlier this month, Continental announced that it will split its ContiTech and Tires units - which are now grouped together - on Jan. 1 of next year.
The company will release its third quarter 2021 results on Nov. 10.