(Reuters) – German automotive and industrial supplier Continental on Monday cut its sales guidance for the second time this year, blaming weak demand in Europe and North America, even as it posted third-quarter core profit above expectations.
Continental now expects 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 range it gave in August.
That was itself a cut, with Continental citing weaker demand for passenger cars in Europe and for tyre replacement in North America.
Third-quarter core profit, however, came in at 873 million euros, beating expectations in a company-compiled consensus by about 11%, with the firm pointing to price discipline and cost-cutting in its automotive division.
Continental announced job cuts earlier this year in its automotive division.
($1 = 0.9333 euros)
(Reporting by Chiara Holzhaeuser and Louis van Boxel-Woolf, Editing by Friederike Heine)