By Euan Conley
Continental AG (CON.XE) said on Thursday that third-quarter net profit rose sharply and confirmed its revenue and earnings outlook for the year.
Net profit for the three months ended 30 Sept. was EUR729.1 million ($845.37 million) compared with EUR378.5m for the same period last year. Revenue was up 7.1% to EUR10.69 billion, which the German automotive supplier attributed to strong sales of electronics, software and sensor technology.
Continental maintained its sales outlook for the year and said it expects sales of more than EUR44 billion in 2017. The company also confirmed its earnings forecast.
"In the fourth quarter in particular, we expect a sharp decline in working capital, which after nine months expanded by EUR 660 million year on year due to our excellent growth," said Wolfgang Schaefer, Continental's chief financial officer.
Write to Euan Conley at [email protected]