Continental 2Q Disappoints but Guidance Points to Stronger Second Half; EUR 145 Fair Value Unchanged
Narrow-moat Continental reported second-quarter 2017 earnings per share before special items of EUR 3.62, down EUR 1.06 from EUR 4.68 EPS reported last year and EUR 0.25 short of the consensus EPS of EUR 3.87. At EUR 11 billion, consolidated revenue was 8% higher than the prior year but, excluding the impacts of the scope of consolidation and currency translation, the year-over-year improvement was lower but still solid at 6%. Even though profitability was still healthy, higher rubber cost (aver...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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