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)
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