1041 GMT - Continental improved profitability in its automotive division despite substantial headwind from weaker markets, Warburg analyst Marc-Rene Tonn writes. This was due to cost-cutting measures, seasonally higher research & development reimbursements and sequentially higher light-vehicle production, he says. The division's margins should continue to improve, enabling it to meet its confirmed target of 2.5% to 3.5%, Tonn says. Continental's tires segment is en route to achieve its full-year margin target of 13% to 14%, he adds. Weaker demand at ContiTech from automotive and industrial customers led to a cut margin guidance of 5.8% to 6.3%, down from 6.5% to 7%, he says. Shares rise 7.3% at 60.60 euros. (adam.whittaker@wsj.com)
(END) Dow Jones Newswires
November 11, 2024 05:41 ET (10:41 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。