German automotive supply giant Continental has released its preliminary figures for Q1 2024 – and they disappointed analysts.

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Revenue and profit market were below market expectations. It cited price negotiations with customers, labour inflation and an unfavourable product mix mainly in North America.

It added that FX (currency exchange) “continues to be a burden.”

Q1 2024 sales were approximately €9.8 billion, falling short of consensus forecasts of €10 billion with an adjusted EBIT margin of 2%, below the consensus forecast of 3.7%.

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In the Automotive group sector, sales amounted to around €4.8 billion (consensus €4.9 billion). The adjusted EBIT margin is expected to be around -4.3% (consensus -1.8%).

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In its Tyres group sector, sales amounted to around €3.3 billion (consensus €3.4 billion). The adjusted EBIT margin is expected to be around 11.7% (consensus 12.4%).

Continental attributed lower tyre volumes due to less working days in March and the Easter break in Europe.

It said: “Despite the results of the first quarter, we see sufficient improvement potential in all group sectors and thus for the group as a whole.”

It confirmed the guidance for fiscal 2024 as published earlier in March this year.