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Continental goes from profit to 53 million loss in the 1st quarter
The loss recorded was due to the fall in revenues in all its business divisions.
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Auto Continental
Tire and automotive components maker Continental said today it swung to a €53 million loss in the first quarter of this year, from a €382 million profit in the same period a year earlier.
The loss was due to lower revenue across all of its divisions, it said in a statement.
Sales fell 5% in the three months to March to €9.788 billion, while earnings before interest, tax, depreciation and amortization (EBITDA) dropped 38.22% to €661 million.
By business area, the company’s automotive sales fell 4% in the three months to March to €4.813 billion, while tire sales declined 5% to €3.290 billion.
ContiTech, which develops, produces and markets products made of rubber, plastic, metal and fabric, saw sales fall 4.9% in the quarter under review to €1.647 billion.
Adjusted free cash flow was a negative €1.1 billion in the first quarter, compared with a negative €949 million in the same period a year earlier, hit by a €500 million payment for the redemption of ContiTech shares.
Despite the “weak first quarter,” the company maintained its forecast for the full year, saying it expects earnings to improve as the year progresses, “particularly in the second half,” thanks to “potential for improvement in all of the Group’s sectors.”
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