BERLIN, April 27 (Reuters) - Continental’s adjusted earnings before interest and tax (EBIT) declined a more-than-expected 9 percent in the first quarter on exchange rate effects.
Adjusted underlying earnings fell to 1.06 billion euros ($1.28 billion) from 1.16 billion a year earlier, the German automotive supplier said on Friday.
That’s close to the 1.05 billion-euro bottom-end forecast in a Reuters poll of banks and brokerages.
The company last week scaled back its profitability outlook for 2018 on exchange rate and inventory valuation effects, predicting its adjusted EBIT margin would come in above 10 percent after previously guiding for around 10.5 percent.
Continental said the negative effect on adjusted EBIT from currency headwinds in the first quarter was around 100 million euros. ($1 = 0.8269 euros) (Reporting by Andreas Cremer Editing by Maria Sheahan)