Continental AG

OTC Pink - Current Information:CTTAYUnited States

Nov 11, 2024

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• DJ Continental Posts Higher Profit as Cost Cuts Offset Sales Pressure -- Update, from 6:07AM ET on Monday Nov 11, 2024 by Dow Jones

  6:07AM ET on Monday Nov 11, 2024 by Dow Jones
  Companies Mentioned: CTTAY
  
  By Adam Whittaker
  
  Continental reported higher quarterly earnings as cost cuts and strong results at its key automotive and tires divisions mitigated revenue pressures and weakness at its ContiTech unit.
  

• DJ Continental Increases Automotive Profitability Despite Weaker Markets -- Market Talk, from 5:41AM ET on Monday Nov 11, 2024 by Dow Jones

  5:41AM ET on Monday Nov 11, 2024 by Dow Jones
  Companies Mentioned: CTTAY
  
  1041 GMT - Continental improved profitability in its automotive division despite substantial headwind from weaker markets, Warburg analyst Marc-Rene Tonn writes. This was due to cost-cutting measures, seasonally higher research & development reimbursements and sequentially higher light-vehicle production, he says. The division's margins should continue to improve, enabling it to meet its confirmed target of 2.5% to 3.5%, Tonn says. Continental's tires segment is en route to achieve its full-year margin target of 13% to 14%, he adds. Weaker demand at ContiTech from automotive and industrial customers led to a cut margin guidance of 5.8% to 6.3%, down from 6.5% to 7%, he says. Shares rise 7.3% at 60.60 euros. (adam.whittaker@wsj.com)
  

• DJ Continental's Results Demonstrate Tire Division's Strength -- Market Talk, from 5:02AM ET on Monday Nov 11, 2024 by Dow Jones

  5:02AM ET on Monday Nov 11, 2024 by Dow Jones
  Companies Mentioned: CTTAY
  
  1001 GMT - Continental's third-quarter performance demonstrates the strength of its tires division and the continued improvement in its automotive segment, Jefferies analysts write in a research note. Tires reported a 14.5% margin and automotive a 4.2% margin for the quarter, they add. The downgraded sales guidance--now 39.5 billion euros to 42.0 billion euros, from 40.0 billion euros to 42.5 billion euros--is more in line with market expectations, they write. The key for the stock price is Continental's assertion that the performance of the automotive division is progressing and is fulfilling requirements for a spinoff in 2025, the analysts add. Shares rise 7.3% at 60.60 euros. (adam.whittaker@wsj.com)
  

• DJ Continental's Earnings Beat Enhanced by Vitesco Payment -- Market Talk, from 3:20AM ET on Monday Nov 11, 2024 by Dow Jones

  3:20AM ET on Monday Nov 11, 2024 by Dow Jones
  Companies Mentioned: CTTAY
  
  0819 GMT - Continental's third-quarter results beat analyst expectations for adjusted earnings before interest and taxes by 10% but this included a 125 million-euro payment from Vitesco, Bernstein analysts write. It is unlikely that many analysts had accounted for this payment in their models and the actual underlying EBIT beat was 3.6%, the analysts add. The company's strength was in its tires division, where margins were up 100 basis points year-on-year to 14.5%, they say. The group's revenue miss was driven by its ContiTech division, where revenue missed consensus by 6.6%, they add. Shares rise 7.6% at 60.80 euros.(adam.whittaker@wsj.com)
  

• *DJ Continental 3Q Sales EUR9.83B, from 1:30AM ET on Monday Nov 11, 2024 by Dow Jones

  1:30AM ET on Monday Nov 11, 2024 by Dow Jones
  Companies Mentioned: CTTAY
  
  By Adam Whittaker
  
  Continental cut its 2024 sales guidance for the second consecutive quarter due to weak demand across its ContiTech division.
  
  The German automotive supplier and tire company reported Monday a third-quarter net profit of 486 million euros ($521 million) from 299 million euros it reported for the same period a year prior.