Continental Q3 Report 2023
- Consolidated sales of €10.2 billion (Q3 2022: €10.4 billion, -1.5 percent)
- Adjusted EBIT of €637 million (Q3 2022: €595 million, +7.1 percent)
- Adjusted EBIT margin of 6.2 percent (Q3 2022: 5.7 percent)
- Net income of €299 million (Q3 2022: -€211 million)
- Adjusted free cash flow of €466 million (Q3 2022: -€496 million)
- CEO Nikolai Setzer: “Our earnings were good in Tires and stable in ContiTech, and we made progress in Automotive”
- CFO Katja Garcia Vila (formerly Dürrfeld): “Our focus is on increasing our earnings and further reducing inventories and receivables in order to achieve an adjusted free cash flow of around €0.8 billion to €1.2 billion by the end of the year”
- Automotive to equip cars with artificial intelligence (AI)
- Tires wins sustainability award
- ContiTech opens new TechCenter for hydrogen technologies
- Sales outlook for the Continental Group and the Automotive group sector slightly adjusted; adjusted EBIT margin outlook for the Tires group sector slightly improved
Continental ended the third quarter of 2023 in line with expectations. The technology company significantly improved the operating result in its Automotive group sector compared with the first half of the year. This was thanks to price adjustments, high cost discipline and stabilized supply chains. Furthermore, it increased its adjusted free cash flow year-on-year as well as compared with the first two quarters of 2023. This was due primarily to a reduction in inventories. The company has adjusted its sales outlook for the Automotive group sector – mainly because of ongoing negative exchange-rate effects – and its outlook for consolidated sales. It has also slightly raised its adjusted EBIT margin outlook for Tires due to the group sector’s good earnings.
