(Reuters) -German automotive and industrial provider Continental on Monday (NASDAQ:) reduce its gross sales steerage for the second time this yr, blaming weak demand from business in Europe and North America, even because it posted third-quarter core revenue above expectations.
Continental now expects gross sales for 2024 to be between 39.5 and 42 billion euros ($42.9 and $45 billion), down from the 40 to 42.5 billion euro vary it gave in August, with the reduce solely a results of downward revisions within the ContiTech enterprise, which provides business in addition to carmakers.
August’s steerage was itself a reduce, with Continental on the time citing weaker demand for passenger vehicles in Europe and for tyre alternative in North America.
Third-quarter core revenue, nonetheless, got here in at 873 million euros, beating expectations in a company-compiled consensus by about 11%, with the agency pointing to price self-discipline and cost-cutting in its automotive division, which it desires to spin off by the top of 2025.
Continental earlier this yr introduced job cuts within the division.
Its shares have been seen up 3.5% in Lang & Schwarz pre-market indications at 0535 GMT.
($1 = 0.9333 euros)