CTTAY Continental AG (PK)

   By Mauro Orru 
 

Continental AG said Monday that its sales for the first quarter of 2020 fell year-on-year amid disruption from the coronavirus pandemic, according to preliminary figures.

The German automotive-parts manufacturer said sales for the quarter fell 10.9% to 9.84 billion euros ($10.67 billion) before changes in the scope of consolidation and exchange-rate effects.

The adjusted earnings before interest and taxes margin came in at 4.4%, the company said.

Continental previously expected sales in a range of EUR9.4 billion to EUR9.8 billion for the quarter, with its adjusted EBIT margin expected to come in at about 2% to 3%.

The company said it wouldn't provide an outlook for 2020 at this time.

"The environment continues to be characterized by substantial uncertainty regarding the duration and severity of the disruptions and it remains difficult to gauge possible further adverse consequences on production, the supply chain and demand," the company said in a statement.

Continental will publish its financial report for the first quarter on May 7.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

April 27, 2020 11:57 ET (15:57 GMT)

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