BERLIN, Nov 9 (Reuters) - Germany’s Continental expects “strong” profit and sales in the fourth quarter after third-quarter core earnings rose less than expected, leading the automotive supplier to keep its full-year outlook.
Adjusted earnings before interest and tax (EBIT) jumped to 1.09 billion euros ($1.27 billion) from 643 million a year ago when the company took a 450 million euro hit from costs of warranty cases for unspecified products and pending antitrust proceedings as well as increased R&D spending.
The quarterly EBIT result came in near the low-end forecast of 1.07 billion euros in a Reuters poll of analysts and brokerages.
The world’s second-largest automotive supplier stuck to its full-year guidance for profit and sales. It expects sales of more than 44 billion euros and an adjusted operating margin of more than 10.5 percent.
$1 = 0.8614 euros Reporting by Andreas Cremer; Editing by Maria Sheahan