HANOVER (dpa-AFX) - German automotive parts maker Continental AG (CTTAY.PK) released preliminary results for the first quarter 2024, which were below market expectation.
Quarterly consolidated sales amounted to around 9.8 billion euros compared to consensus of 10.0 billion euros. Quarterly adjusted EBIT margin is expected to be around 2.0% compared to consensus of 3.7%.
Despite the results of the first quarter, the company expects sufficient improvement potential in all group sectors and thus for the group as a whole. The company confirmed its guidance for fiscal 2024.
Looking ahead for fiscal 2024, Continental still anticipates consolidated sales of around 41.0 billion euros to 44.0 billion euros and an adjusted EBIT margin of around 6.0 to 7.0 percent.
The company noted that it will release quarterly statement for the first quarter of 2024 on May 8, 2024.
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