GERMANY: Continental results disappoint
Continental has raised its 2010 outlook but its third-quarter earnings missed analysts' estimates.
The supplier said it now sees 2010 sales of over EUR25bn and an adjusted earnings margin before interest and tax (EBIT) of 9%. The outlook was broadly in line with average analyst expectations in a Reuters poll.
"The increased guidance does not look ambitious in our view," DZ Bank analyst Jasko Terzic told the news agency.
Continental's third quarter adjusted EBIT was EUR485m, slightly below the average estimate of EUR497m in a Reuters poll of 11 banks and brokerages. Net profit of EUR14.1m missed consensus of EUR97.6m.