Results 9M 2024
Continental Further Increases Earnings
- Consolidated sales of €9.8 billion (Q3 2023: €10.2 billion, -4.0 percent)
- Adjusted EBIT of €873 million (Q3 2023: €642 million, +36.0 percent)
- Adjusted EBIT margin of 8.9 percent (Q3 2023: 6.3 percent)
- Net income of €486 million (Q3 2023: €299 million, +62.8 percent)
- Adjusted free cash flow of €323 million (Q3 2023: €466 million, -30.6 percent)
- CEO Nikolai Setzer: “We continue to drive Continental’s development – strategically and operationally, step by step. In this challenging year-end sprint, we aim to improve Automotive’s earnings even further”
- CFO Olaf Schick: “We posted good results for the third quarter. Faced with weak automotive production, we improved earnings in Automotive by reducing costs and adjusting prices”
- Tires group sector posts good adjusted EBIT margin of 14.5 percent
- Outlook: Continental confirms outlook for Automotive and Tires and lowers sales and earnings outlook for ContiTech
On November 11, 2024 Continental released its 9M 2024 results. Our CFO Olaf Schick conducted an analyst and investor conference call presenting the 9M 2024 results.
“We posted good results for the third quarter. In the Automotive group sector, we improved our earnings as announced. Faced with weak automotive production, we achieved this by reducing costs and adjusting prices. Tires is performing well in terms of profitability, with the winter tire business getting off to a good start. But ContiTech continues to contend with a weak industrial environment in Europe and North America. With this down phase lasting longer than expected, we are examining additional measures to deal with the economic situation,” said Continental CFO Olaf Schick, adding: “We have also reached an agreement with Vitesco Technologies on the allocation of investigation costs. The associated payment of €125 million by Vitesco Technologies had a positive impact on our net income and free cash flow in the third quarter, which we expect to continue to increase in the fourth quarter due to the seasonal nature of our business. The process of making our business with ContiTech products for the automotive industry independent is also progressing as planned. As announced, we will present this business area to potential buyers and partners in the fourth quarter of this year.”
