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Conti spin-off: Vitesco gert under pressure in the downturn in the industry

The automotive supplier Vitesco, like its competitors, came under pressure in the third quarter because of the production waste at its customers. Sales dropped from 2.2 billion euros a year ago to 1.9 billion euros, as the Continental spin-off announced in Regensburg on Thursday. Adjusted for exchange rate fluctuations and acquisitions and sales of parts of the company, this was a decrease of 14.9 percent.

Adjusted for special effects, earnings before interest and taxes fell by almost 80 percent to 22.8 million euros. “The corona pandemic continues and the shortage of components, especially semiconductors, is having a severe impact on the entire industry,” said CEO Andreas Wolf. Vitesco did not initially provide any information on the net result.

Slight increase in sales expected for the year as a whole

Conti had spun off its drive technology into the new company in September. In addition to classic products for everything to do with combustion engines, this also includes technology for electric drives. In the third quarter, Vitesco received a total of 2.6 billion euros in new orders, of which 770 million were for electric drives. By 2030, electrical components should make up the majority of sales.

Vitesco expects a slight increase in sales in the current year compared to the previous year to 8.2 to 8.4 billion euros. The adjusted operating margin (EBIT) should reach between 1.5 and 1.7 percent. Boss Wolf expects the cash inflow (free cash flow) to be between 70 and 120 million euros. (dpa / mer)

Also read:

Conti expects burdens “throughout 2022”

Conti boss Setzer does not rule out a withdrawal from the automotive top

Continental brings Vitesco to the stock exchange

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Lenny Li

I started to play with tech since middle school. Smart phones, laptops and gadgets are all about my life. Besides, I am also a big fan of Star War. May the force be with you!

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