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Continental eyes strong Q4 after Q3 profit plunges
November 10, 2016 / 6:35 AM / a year ago

Continental eyes strong Q4 after Q3 profit plunges

BERLIN, Nov 10 (Reuters) - Germany’s Continental said it expects strong earnings in the fourth quarter after profit plunged 40 percent in the July-to-September period because of special effects.

Adjusted earnings before interest and tax (EBIT) declined to 645.2 million euros ($706.17 million) from 1.07 billion a year earlier, the automotive supplier said on Thursday.

Quarterly results of the auto parts and tyre maker’s core automotive division took a 450 million euro hit from costs of warranty cases for unspecified products and pending antitrust proceedings as well as increased spending on research and development, Continental said.

The group last month cut its profit guidance for the year after announcing the impact of special cost effects on its annual results. ($1 = 0.9137 euros) (Reporting by Andreas Cremer; Editing by Edward Taylor)

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