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| Name | Symbol | Market | Type |
|---|---|---|---|
| Continental AG (PK) | USOTC:CTTAY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.048 | -0.72% | 6.652 | 6.65 | 6.66 | 6.69 | 6.642 | 6.69 | 5,339 | 15:23:57 |
From Jan 2020 to Jan 2025
By Kim Richters
Continental AG said Wednesday that it swung to a loss in the second quarter as the effects of the coronavirus pandemic hit its business.
The German car-parts supplier said net loss for the quarter was 741.1 million euros ($874.8 million), from profit of EUR484.8 million year prior.
It swung to loss before interest and taxes of EUR829.1 million compared with EBIT of EUR753.3 million a year earlier.
As announced in July, second-quarter sales dropped more than 40% to EUR6.62 billion and its adjusted margin on earnings before interest and taxes was minus 9.6%.
Continental said it couldn't give a detailed 2020 outlook amid the pandemic but it expects full-year sales volume, revenue and adjusted EBIT to be "significantly" below 2019.
"There hasn't been a market collapse in the automotive industry like we currently witnessing since the end of the Second World War," said Continental's Chief Executive Elmar Degenhart in a statement.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
August 05, 2020 03:03 ET (07:03 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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