Michelin Reports Higher 3Q Sales, Revises Market Expectations

Date : 10/19/2018 @ 1:21AM
Source : Dow Jones News

Michelin Reports Higher 3Q Sales, Revises Market Expectations

Michelin CGDEB (EU:ML)
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   By Max Bernhard 
 

French tire maker Compagnie Generale des Etablissements Michelin (ML.FR) said Thursday that its third-quarter revenue rose and revised its full-year market expectations.

Third-quarter revenue rose 5.2% to EUR5.62 billion euros ($6.49 billion), after a rebound in truck-tire demand and market share gains in its large-passenger-car tire segment.

Michelin revised its markets scenario for the full year, citing a decline in passenger-car, light-truck and truck-tire markets in the third quarter and expectations of further weakness in the fourth quarter.

The group said it now expects, a slight increase in volumes for 2018. It now forecasts an increase of at least EUR200 million in operating income from recurring activities at constant exchange rates, excluding impacts from pricing-mix changes and raw-materials costs in the second half.

Michelin confirmed its target of structural free cash flow of more than EUR1.1 billion in 2018.

 

Write to Max Bernhard at max.bernhard@dowjones.com

 

(END) Dow Jones Newswires

October 18, 2018 13:06 ET (17:06 GMT)

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