By Jessica Sier

Continental AG said Thursday that profits slumped for the first quarter and it expects the second quarter to weaken further still due to the coronavirus pandemic and depressed demand from the automotive industry.

The German automotive-parts manufacturer said net profit fell to 292.3 million euros ($317.1 million), down almost half from EUR575.2 million for the same period a year earlier.

As announced in late April, sales for the quarter fell 11% to EUR9.84 billion, and the adjusted EBIT margin dropped to 4.4%.

The financial impact of the coronavirus pandemic will be very noticeable in the second quarter with European and North American plant disruption, said Chief Executive Elmar Degenhart.

The German company said production is still suspended at a fifth of its global 249 operations.

Write to Jessica Sier at jessica.sier@wsj.com

(END) Dow Jones Newswires

May 07, 2020 03:05 ET (07:05 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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