HANOVER: German automotive and industrial supplier Continental, today, cut its sales guidance for the second time this year, blaming weak demand in Europe and North America, even as it posted third-quarter core profit above expectations.
Continental now expects sales for 2024 to be between €39.5 and €42 billion (US$42.9 and US$45 billion), down from the €40 to €42.5 billion range it gave in August.
That was itself a cut, with Continental citing weaker demand for passenger cars in Europe and for tyre replacement in North America.
Third-quarter core profit, however, came in at €873 million, beating expectations in a company-compiled consensus by about 11%, with the firm pointing to price discipline and cost-cutting in its automotive division.
Continental announced job cuts earlier this year in its automotive division.