Continental posted Q1 23 results that beat consensus on the adj. EBIT across all the divisions with Tyres’ margins remaining strong and Automotive profitability at last returning to the the black. This is likely to offset the negative surprise at the FCF level dragged down by higher than-expected capex, high inventories and still-high receivable. Overall, as with its peers, the management confirmed its FY23 guidance and market outlook, calling for minor changes to our and consensus’ forecasts an ....
