Continental reduces 2016 outlook
As a result of “the recent combined occurrence of isolated unrelated events” affecting three divisions within its Automotive Group, Continental has reduced its outlook for the 2016 financial year. The three Automotive divisions’ adjusted EBIT for the current year has been lowered by around €480 million, with the Automotive Group’s adjusted EBIT margin decreasing from more than 8.5 per cent to over 6.5 per cent. Continental’s overall adjusted EBIT margin is now expected to be over 10.5 per cent this year, rather than over 11.0 per cent.