By Sabela Ojea
Continental AG lowered its adjusted free cash flow expectations for 2022 amid further customer payment delays.
The German car-parts manufacturer said it expects to post adjusted free cash flow of 1.6 billion euros ($1.73 billion) in the fourth quarter of 2022, which would result in an adjusted free cash flow of EUR200 million for the year.
"Continental AG missed full-year adjusted free cash flow expectations on the back of delayed payments from customers, which are now expected in the first quarter, and a decline in earnings in the ContiTech group sector," a spokesperson of the company said.
The company's current full-year guidance of EUR200 million comes below its prior full-year free cash flow outlook.
Early in November, the company said it expected to report an adjusted cash flow in the range of EUR600 million to EUR800 million for 2022, down from a prior forecast of up to EUR1 billion.
The company, which posted a negative adjusted free cash flow of EUR1.4 billion in the first three quarters of 2022, would have needed to achieve a fourth-quarter adjusted free cash flow of above EUR2 billion in order to meet its prior full-year guidance.
Continental, which swung to a loss in the third quarter, added that it expects to meet sales outlook for 2022, as it predicts sales of about EUR10.3 billion in the last quarter of that year.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
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January 18, 2023 at 03:30AM
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