October 25, 2018 / 12:14 PM / 23 days ago

Exclusive: Continental AG sees third-quarter adjusted operating profit at around 770 million euros

FILE PHOTO - The logo of Continental AG, a German automotive manufacturing company specialized in tyres, brakes and car safety products is pictured on a rim at the company's stand during the Hannover Fair in Hanover, Germany, April 25, 2016. REUTERS/Wolfgang Rattay

HAMBURG (Reuters) - Continental AG (CONG.DE) expects to report a decline in third-quarter adjusted operating profit to around 770 million euros ($878 million) from 1.09 billion euros, according to the auto supplier’s finance chief Wolfgang Schaefer.

“In the third quarter, the adjusted operating result will be around 770 million euros. It is a bit higher than what we had announced,” Schaefer said in an interview with Reuters, adding that the company had in August guided for more than 700 million euros.

Revenues will be around 10.8 billion euros for the third quarter, Schaefer said, which compares with 10.7 billion in the year-earlier period.

Auto production in China declined by 5 percent in the third quarter, falling short of Continental’s internal estimates. Revenues have taken a hit as a result.

“With revenues of 10.8 billion euros we are at the lower end of our expectations,” Schaefer said.

For the full year, Continental’s revenues could come to around 44.5 billion euros, compared with its aim for around 45 billion, Schaefer said.

The adjusted return on sales for the full year, is expected to be more than 9 percent for the group and around 7 percent for the automotive division, Continental said.

The Hanover, Germany-based company is due to release full quarterly earnings for the June-to-September period on Nov. 8.

($1 = 0.8772 euros)

Writing by Edward Taylor; Editing by Maria Sheahan

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