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Continental warns of further restructuring charges in Q4

FRANKFURT, Nov 11 (Reuters) - German auto supplier Continental on Wednesday warned of further restructuring expenses in the fourth quarter which will impact net income but said it expected a positive free cashflow after the COVID-19 pandemic hit demand.

“Further expenses for restructuring and asset impairments related to ‘Transformation 2019-2029’ program are expected to be recognised in Q4 of 2020,” the supplier said, adding that the amount of the charges remains unclear.

Last month, Continental said it would post a third-quarter loss after impairments and restructuring expenses and announced that its Chief Executive, Elmar Degenhart, would step down from Nov. 30 due to health issues.

Reporting by Edward Taylor Editing by Riham Alkousaa

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