Continental reports declining sales for the quarter
Oct 23, 2020
Continental AG reports a 5% drop in third-quarter sales for its Rubber Technologies business unit to €4.333 billion.
The agreed operating profit margin, however, was 15%, up 11.8% from the same period last year.
The German company did not provide data on changes in sales and profits of its Rubber Technologies business, which includes Continental tires and a ContiTech division.
Annual sales growth "excluding changes in the scope of consolidation and the impact of the exchange rate" was -1.4%, Conti said.
For the Continental group as a whole, its consolidated third-quarter sales reached €10.295 billion, down 7.3% from the same period last year, while the agreed profit margin rose by more than two points to 8.1%.
Annual sales growth "excluding changes in the scope of consolidation and the impact of the exchange rate" across all Continental divisions was -2.7%.