(Reuters) – German automotive and industrial supplier Continental on Monday (NASDAQ:) 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.
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