1. Continental burns cash as Q2 sales slump nearly 40%

    BERLIN -- Continental suffered a nearly 40 percent year-on-year decline in group sales during the second quarter, causing the German supplier to burn cash and forcing it to refrain from providing an outlook for the year. Consolidated group sales declined by 39.8 percent to 6.62 billion euros ($7.6 billion), the company said Monday as it reported some results early. Operating margin was minus 9.6 percent and reported free cash flow was a negative 1.78 billion euros ($2 billion.)

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    1. Though the business situation improved substantially over the course of the second quarter, the environment continues to be characterized by considerable uncertainty due to the ongoing coronavirus pandemic.
    2. It thus remains difficult to gauge possible further adverse consequences on production, the supply chain and demand.
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