2024-05-12 05:24:02 ET
Continental Aktiengesellschaft (CTTAF)
Q1 2024 Results Earnings Conference Call
May 7, 2024, 06:30 AM ET
Company Participants
Anna-Maria Fischer - Head of Investor Relations
Katja Garcia Vila - Chief Financial Officer
Nikolai Setzer - Chief Executive Officer
Conference Call Participants
Horst Schneider - Bank of America Securities
Sanjay Bhagwani - Citigroup
Ross McDonald - Morgan Stanley
Monica Bosio - Intesa Sanpaolo
José Asumendi - J.P. Morgan
Christoph Laskawi - Deutsche Bank AG
Thomas Besson - Kepler Cheuvreux
George Galliers - Goldman Sachs
Michael Aspinall - Jefferies
Presentation
Anna-Maria Fischer
Thank you, operator. And welcome everyone to our first quarter 2024 results presentation. Today's call is hosted by our CFO, Katja Garcia Vila.
A small reminder that both the press release and presentation of today's call are available for download on our Investor Relations website.
Before starting, we'd like to remind everyone that this conference call is for investors and analysts only. If you do not belong to either of these groups, please kindly disconnect now.
Following the presentation, we will conduct a question-and-answer session for sell side analysts. To provide a chance for all to ask questions, we would like to ask you to limit yourself to not more than three questions. This will help us conclude the call on time.
With this, let me now hand you over to Katja.
Katja Garcia Vila
Thank you, Anna. A warm welcome to you all. It's good to be here with you today. So let's jump straight in on page number 3. Starting on page 3, as you saw with our pre-release on April 16, we had a soft start to 2024. Our results, although expected, were burdened by weak markets, especially in Europe, and FX effects across all sectors.
Automotive was impacted by the significant portion of agreed 2023 pricing not rolling over into 2024. Our negotiations here are currently still ongoing. We see first progress. We target to finalize the agreements as soon as possible without sacrificing quality. Of course, we are aiming to have them agreed on a sustainable level, but this is something we can only comment on once we are done and the agreements are signed.
Despite the weak first quarter, we are confident that the year will play out like it has over the last two years, with improvements through the year, negotiation results re-established in our prices, and our cost saving measures kicking in. On this basis, we confirm our guidance. ...
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Continental Aktiengesellschaft (CTTAF) Q1 2024 Earnings Call Transcript