Kayıt Tarihi: 13-Kasım-2019
Continental Sales Beat Estimates, Though Car Supplier Is
|Gönderen: 30-Temmuz-2020 Saat 19:55 | Kayıtlı IP
Continental AG reported preliminary results that were
better than expected thanks to business improvement late
in the quarter, though it refrained from giving a fresh
outlook for the year.To get more news about
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Sales dropped by almost 40% to 6.62 billion euros
($7.6 billion), the German auto-parts maker said in a
statement Monday. Analysts on average were expecting
revenue to drop to 6.37 billion euros, according to data
compiled by Bloomberg.
Although business showed substantial improvement
through the course of the second quarter, Continental
said in the statement, there is still substantial
uncertainty due to the ongoing Covid-19 pandemic.
It remains difficult to gauge possible adverse
consequences on production, the supply chain and
demand, the company said.
Continental and its peers rushed to drastically cut
costs earlier in the year when shutdowns aimed at
containing the spread of the virus hit auto factories and
showrooms, bringing production to a halt and
significantly curbing sales. The company announced in
June that it would cut its dividend payout to save about
350 million euros.
The uncertainty over how fast economies will recover
is still an open question. Automotive companies are
hoping government incentives will spur car sales and help
the industry recover in the second half of the year.