(Reuters) – German automotive and industrial provider Continental on Monday (NASDAQ:) reduce its gross sales steerage for the second time this 12 months, blaming weak demand 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.
That was itself a reduce, with Continental citing weaker demand for passenger vehicles in Europe and for tyre substitute 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 cost self-discipline and cost-cutting in its automotive division.
Continental introduced job cuts earlier this 12 months in its automotive division.
($1 = 0.9333 euros)