1001 GMT - Continental's third-quarter performance demonstrates the strength of its tires division and the continued improvement in its automotive segment, Jefferies analysts write in a research note. Tires reported a 14.5% margin and automotive a 4.2% margin for the quarter, they add. The downgraded sales guidance--now 39.5 billion euros to 42.0 billion euros, from 40.0 billion euros to 42.5 billion euros--is more in line with market expectations, they write. The key for the stock price is Continental's assertion that the performance of the automotive division is progressing and is fulfilling requirements for a spinoff in 2025, the analysts add. Shares rise 7.3% at 60.60 euros. (adam.whittaker@wsj.com)
(END) Dow Jones Newswires
November 11, 2024 05:02 ET (10:02 GMT)
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