Continental has recorded third-quarter consolidated sales down 7% to EUR10.3bn (US$12.1bn).

EBIT was -EUR673m in the third quarter (Q3 2019: -EUR1.97bn) and net income was -EUR719m, resulting from impairments and expenses as already announced (Q3 2019: -EUR1,986m).

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Adjusted EBIT was EUR832m (Q3, 2019: EUR612m); adjusted EBIT margin of 8.1% (Q3, 2019: 5.6%).

“From an operational standpoint, we did remarkably well in the third quarter,” said Continental CEO, Elmar Degenhart. “We are confident that, for the year as a whole, we will achieve a positive free cash flow before acquisitions and carve-out effects.”

“The measures we undertook as soon as the coronavirus pandemic broke out were fully effective. We thus did not hesitate to hit the brakes immediately. In China and North America, we were just as resolute in accelerating again when the markets started to recover. Our enhanced agility and our disciplined cost management make us more competitive worldwide.

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“In a persistently tough market environment, we are thus demonstrating a more-than-satisfactory performance on which we can build. It gives us reason to look to the future with optimism, yet with a certain degree of caution. The current development should not, however, fool us into thinking the global automotive markets will recover quickly. They are still in the midst of a fundamental technological transformation.

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“And with the number of coronavirus cases on the rise once again, the markets continue to be unpredictable. The overall critical situation clearly confirms that, above all, resolute and flexible action is needed to safeguard our competitiveness and viability. That is the goal of our structural programme as well as our realignment and strategy.”

Outlook for fiscal 2020:

Consolidated sales of around EUR37.5bn; adjusted EBIT margin of about 3%; positive free cash flow before acquisitions and carve-out effects.