Continental AG

OTC Pink - Current Information:CTTAYUnited States

Apr 17, 2024

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• DJ Continental Must Show Investors That Early Problems Won't Continue -- Market Talk, from 5:21AM ET on Wednesday Apr 17, 2024 by Dow Jones

  5:21AM ET on Wednesday Apr 17, 2024 by Dow Jones
  Companies Mentioned: CTTAY
  
  0921 GMT - Continental needs to show over the next two quarters that it can hit its earnings guidance, because right now, it seems difficult, Stifel analysts say in a note. The German car-parts company confirms its guidance following a worse-than-expected first quarter, but even reaching the lower end of its target range would require an adjusted EBIT margin of around 5.3% in the automotive division for the final three quarters, Stifel says. This, after the division posted a 1Q adjusted EBIT margin of negative 4.3%. "In any case, we think that investors will demand proof that the weak 1Q performance in automotive is mainly due to pricing that can be recouped later in the year and not primarily to weak underlying performance," the analysts say. Shares fall 4.9% to EUR62.30. (david.sachs@wsj.com)
  

• DJ Correction to Continental Article on Tuesday, from 5:05AM ET on Wednesday Apr 17, 2024 by Dow Jones

  5:05AM ET on Wednesday Apr 17, 2024 by Dow Jones
  Companies Mentioned: CTTAY
  By David Sachs Continental's first-quarter results fell below market expectations as demand lagged in Europe, but the company confirmed its full-year guidance. The German car-parts company said late Tuesday that the group's sales reached around 9.8 billion euros ($10.41 billion) in the first quarter, below its company-compiled consensus of EUR10 billion. Sales volumes suffered in Europe while a pending contract negotiation also contributed, Continental said. The closely watched automotive division posted a negative adjusted EBIT margin of 4.3%. It had expected a negative EBIT margin of 1.8%. Continental blamed delayed ramp-ups and sales that favored less profitable products in North America. Continental said its cash outflow will reach around EUR1.1 billion compared to the consensus of EUR891 million. Still, the company backed its guidance for 2024, citing expected improvement throughout the year. Write to David Sachs at david.sachs@wsj.com Corrections & Amplifications This article was corrected on April 17, 2024 to clarify that Continental's automotive division posted a negative adjusted EBIT margin of 4.3%. An earlier article incorrectly characterized the margin as unadjusted and the company-compiled consensus as its own expectations. (END) Dow Jones Newswires April 16, 2024 12:38 ET (16:38 GMT)

• DJ Continental Shares Fall on Earnings Miss, from 4:13AM ET on Wednesday Apr 17, 2024 by Dow Jones

  4:13AM ET on Wednesday Apr 17, 2024 by Dow Jones
  Companies Mentioned: CTTAY
  
  By Ian Walker
  
  Continental shares fell in early trade Wednesday after the company's first-quarter earnings missed expectations, which it blamed mainly on lower volumes as well pending contract price renegotiations.
  

• DJ Continental's 1Q Results Disappoint -- Market Talk, from 3:26AM ET on Wednesday Apr 17, 2024 by Dow Jones

  3:26AM ET on Wednesday Apr 17, 2024 by Dow Jones
  Companies Mentioned: CTTAY
  
  0726 GMT - Continental's 1Q adjusted EBIT margin of 2% came below market expectations, which poses a risk to its full-year guidance, Jefferies analysts say in a note. The German car-parts group's planned organizational independence of its original equipment solutions business is positive but the visibility and timing of when the separation may create value are still up for debate, the analysts say. Jefferies cut its EBIT estimates for fiscal years 2024-26 by 4%. Shares trade 2.9% lower at EUR63.52. (helena.smolak@wsj.com)