Continental: quarterly results in line, adjusts strategy
(CercleFinance.com) - On Wednesday Continental reported quarterly results that were solid overall, despite a shrinking automotive market.
The German automotive equipment manufacturer says that it managed to limit the decline in Q2 sales to 1% in Q2, which reached about 11.3 billion euros, while global automotive production was down 7% over this period.
However, in organic terms, quarterly sales fell by 3.7%.
The group's adjusted operating profit came in at 868 million euros for the period April-June, down 25% year-on-year.
These figures are in line with the group's comments when it made a profit warning at the end of July.
Conti notably announced a change in its strategy, which will be through an electric-focused powertrain business.
The market seemed to like this, with the share up 2% at lunchtime today.
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