Continental Falls as Guidance Remains Below Consensus, Analysts Say

• (PLX AI) - Continental shares fell 2.6% despite an earnings beat as full-year guidance remained below analyst consensus.
• • Continental Q2 beat on both revenue (EUR 9.9 billion vs estimate EUR 9.76 billion) and adjusted EBIT (EUR 711 million vs estimate EUR 584 million)
• • Outlook for adjusted EBIT margin was raised to 6.5-7.0 percent from 6 to 7 percent previously, which implies a midpoint of EUR 2.3 billion
• • But even adjusting for the Vitesco spinoff, that's still below consensus of EUR 2.5 billion, analysts said
• • Meanwhile, the company lowered the global production growth outlook to an increase of between 8 and 10 percent for the year as a whole (previously 9 to 12 percent)