Continental (CONG.DE) reported earnings in line with consensus on Wednesday as successful price negotiations, lower inventory and stabilised supply chains enabled it to boost the performance of its automotive business and increase free cash flow.
Logo of German tyre company Continental is pictured before the annual news conference in Hanover, Germany, March 9, 2021. REUTERS/Fabian Bimmer/File Photoreported earnings in line with consensus on Wednesday as successful price negotiations, lower inventory and stabilised supply chains enabled it to boost the performance of its automotive business and increase free cash flow.
The company also said it now expects global production of passenger cars and light commercial vehicles to grow by 5-7% this year, up from its former forecast of 3-5%. It had managed to reduce inventories and would carry on doing so in the fourth quarter in order to hit its adjusted free cash flow target of 0.8-1.2 billion euros, a steep jump from the 497.3 million loss reported so far between January to September.
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