April 27, 2020 / 3:41 PM / a month ago

Continental drops 2020 forecast as corona clouds business outlook

FRANKFURT, April 27 (Reuters) - German auto supplier Continental on Monday said the coronavirus has disrupted its business, forcing it to abandon its outlook for the year, even as first quarter earnings came in higher than expected.

“The environment continues to be characterized by substantial uncertainty regarding the duration and severity of the disruptions and it remains difficult to gauge possible further adverse consequences on production, the supply chain and demand,” the company said.

Continental said group sales in the first quarter reached 9.844 billion euros and the adjusted operating profit margin was 4.4%.

Continental said its financial report for the first quarter of 2020 will be released on May 7, 2020. (Reporting by Edward Taylor; editing by Tom Sims)

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