Q1 sales 9.8 bln eur, down 5.0% (Il Sole 24 Ore Radiocor) - Frankfurt, 08 May - The German tyre and automobile component manufacturer said that in the first quarter it posted a net loss of 53 million euros compared with a profit of 382 million a year earlier.

Sales fell 5.0% to 9.8 billion euros and adjusted EBIT dropped 65.8% to 196 million.

Adjusted free cash flow was a negative 1.1 billion euros gainst a negative 949 million a year earlier.

'We are pursuing our goals resolutely and sustainably. We are on track with the implementation of our measures to achieve our mid-term targets. And in 2024 we will be taking another step forward,' said the CEO, Nikolai Setzer.

Continental said that it still anticipates sales for 2024 of 41.0-44.0 billion euros and an adjusted EBIT margin of 6.0-7.0%.

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(RADIOCOR) 08-05-24 19:23:55 (0724) 5 NNNN