Michelin 9-Months Revenue Rose; Lowers 4Q Market Forecasts
24 Octobre 2019 - 6:29PM
Dow Jones News
By Olivia Bugault
Compagnie Generale des Etablissements Michelin (ML.FR) said
Thursday that revenue rose for the first nine months of the year
and confirmed its 2019 guidance despite lowering its market
forecast for the fourth quarter.
Third-quarter revenue rose to 17.9 billion euros ($19.91
billion), up 1.3% compared with the same period last year on a
like-for-like basis, the French tire maker said. Michelin said that
its volume declined 0.8% during the period due to a
weaker-than-expected market.
Michelin confirmed its 2019 guidance but lowered its market
forecast for its fourth quarter. "Truck tire markets are expected
to weaken more quickly in the fourth quarter, to end the year down
4%," Michelin said, adding that "the full-year impact of raw
materials costs and customs duties is estimated at around a
negative EUR100 million."
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
October 24, 2019 12:14 ET (16:14 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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