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Michelin Affirms Outlook as Sales Slow
Tiremaker Michelin & Cie. expects its operating income will rise this year, even though sales are slowing, thanks to a €150 million ($165 million) bump caused by higher product pricing and lower raw materials costs.
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Tiremaker Michelin & Cie. expects its operating income will rise this year, even though sales are slowing, thanks to a €150 million ($165 million) bump caused by higher product pricing and lower raw materials costs.
Michelin’s revenue in the third quarter slipped 3% to €5.2 billion ($5.7 billion). Unit sales outperformed the world market by rising 1% through the first nine months of 2016. The company expects mixed market trends to continue through the final quarter.
Revenue in the third quarter declined 1% to €3 billion for passenger vehicle tires, 5% to €1.5 billion for truck tires and 6% to €682 million for specialty operations. Sales of the company’s original-equipment and replacement passenger-tire sales rose 4% and 2%, respectively, for the January-September period.
Volumes for original equipment and replacement truck tires each declined 3% in the first nine months of 2016.
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