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Continental AG cuts 2018 outlook on higher costs, warranty claims

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Continental AG cuts 2018 outlook on higher costs, warranty claims
FILE PHOTO: Flags of German tyre company Continental are seen before the annual news conference in Hanover, Germany March 2, 2017. REUTERS/Fabian Bimmer/File Photo   -   Copyright  Fabian Bimmer(Reuters)
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FRANKFURT (Reuters) – German automotive supplier Continental AG <CONG.DE> on Wednesday slashed its 2018 sales and margin outlook, citing lower expectations for sales, higher costs and unspecified warranty claims.

The group now expects consolidated sales of about 46 billion euros (41.25 billion pounds)and an adjusted EBIT margin of more than 9 percent. It had previously forecast sales of about 47 billion euros and an adjusted EBIT margin of more than 10 percent.

($1 = 0.8744 euros)

(Reporting by Christoph Steitz; Editing by Edward Taylor)

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