Continental Cuts Guidance, Stock Drops 13%, No Buying Opportunity Yet; EUR 153 Fair Value Unchanged
Narrow-moat rated Continental announced that it cut its 2018 guidance due to weaker-than-expected automaker customer production schedules in Europe and China, softer tire sales, higher-than-anticipated warranty expense, higher cost for hybrid powertrain launch, and launch cost in the industrial ContiTech group. Revenue guidance was reduced by EUR 500 million in the automotive group and by another EUR 500 million in the tire group. Consolidated 2018 revenue is now expected be around EUR 45 billio...Continental is an automotive industry supplier. Co.'s automotive divisions comprised of: Chassis & Safety, which develops and produces systems that provide safety and enhanced vehicle dynamics; Powertrain, which develops solutions for gasoline and diesel engines, as well as hybrid and electrical drive systems; and Interior, which provides solutions for information management within vehicles and networking between vehicles. Co.'s rubber divisions comprised of: Tires, which provides tires for passenger cars through trucks, buses and construction site vehicles to special vehicles, motorcycles and bicycles; and ContiTech, which develops products made from rubber and plastic.
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