April 27, 2020 / 4:32 PM / a month ago

Continental profit better than expected, but no 2020 guidance

FRANKFURT (Reuters) - German automotive supplier Continental (CONG.DE) said on Monday the disruption to business from the coronavirus pandemic meant it was unable to provide financial guidance for this year, even as its first-quarter earnings came in higher than expected.

“The environment continues to be characterised 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 it made group sales in the first quarter of 9.84 billion euros (8.58 billion pounds), above its internal expectations of between 9.4 billion and 9.8 billion euros, but below the 11 billion euros from the same quarter last year.

The adjusted operating profit margin was 4.4%, down from 8.8% in the prior year, but above the 2-3% range expected by the company in early April.

Revenue in the automotive technologies segment were down 11.5% in the first quarter, the company said.

Continental said its full financial report for the first quarter of 2020 will be released on May 7.

Reporting by Edward Taylor; editing by Tom Sims and Mark Potter

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