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AUTOMOTIVE: Continental (CONGR Baa2/BBB/BBB[P]): Company Update

AUTOMOTIVE
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Continental provided a quarterly reference sheet ahead of 3Q results. It mostly lines up with consensus, apart from weakness at the smaller ContiTech division and positive working capital signals. Equity was buoyed by this given sector headwinds.

  • Automotive production -10% 3Q; in line apart from further NA weakness. Price and cost savings to support profitability above 2Q. FY guidance expected to be met.
  • Tyres 2H margins in line with 1H.
  • ContiTech 3Q EBIT margin may be below FY range. Weak volumes weighing on FY outlook.
  • Positive adj. FCF expected in 3Q; continuous working capital improvements expected.
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Continental provided a quarterly reference sheet ahead of 3Q results. It mostly lines up with consensus, apart from weakness at the smaller ContiTech division and positive working capital signals. Equity was buoyed by this given sector headwinds.

  • Automotive production -10% 3Q; in line apart from further NA weakness. Price and cost savings to support profitability above 2Q. FY guidance expected to be met.
  • Tyres 2H margins in line with 1H.
  • ContiTech 3Q EBIT margin may be below FY range. Weak volumes weighing on FY outlook.
  • Positive adj. FCF expected in 3Q; continuous working capital improvements expected.