March 7, 2019 / 7:35 AM / 13 days ago

Continental AG's full-year earnings hit by electric investments, downturn

FRANKFURT, March 7 (Reuters) - Auto supplier Continental AG’s operating profit fell 12 percent last year, hit by a downturn in demand for cars and higher investments, the company said on Thursday, but pledged to press ahead with a listing of its powertrain business despite a subdued start to 2019.

Continental said that earnings before interest and taxes (EBIT) fell to 4.03 billion euros ($4.56 billion) last year, compared with 3.94 billion forecast in a poll.

In January, Continental lowered its outlook, saying it expected to post an adjusted operating (EBIT) margin of between 8 and 9 percent, rather than more than 9 percent, blaming a downturn in car markets and higher investments. ($1 = 0.8847 euros) (Reporting by Edward Taylor, Editing by Tassilo Hummel)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below