Continental Swung to 2Q Loss Amid Coronavirus Pandemic

   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 [e-mail]

(END) Dow Jones Newswires

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

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