November 12, 2019 / 7:57 AM / a month ago

Continental third-quarter operating profit drops 20% on auto slowdown

FILE PHOTO: Flags of German tyre company Continental are pictured before the annual news conference in Hanover, Germany,March 7, 2019. REUTERS/Fabian Bimmer

FRANKFURT (Reuters) - Continental (CONG.DE) said on Tuesday it expected production of cars and light trucks to drop by 6% this year as it posted a 20% drop in adjusted operating profit in the third quarter.

After pre-releasing earnings in October, Continental on Tuesday reiterated that consolidated sales in the third quarter were about 11.1 billion euros ($12.23 billion) and its adjusted EBIT margin was about 5.6%.

Sales in the Automotive Group were about 6.5 billion euros, with an adjusted EBIT margin of about 1.6%.

In October, Continental said that slower automobile production growth over the next five years had forced the car parts maker to book a 2.5 billion euro ($2.8 billion) impairment.

Reporting by Edward Taylor; Editing by Michelle Martin

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