Published

Michelin’s Revenue Falls 6%

Michelin & Cie. says its worldwide sales dropped to €5.1 billion in July-September from €5.4 billion in the same period of 2012.
#economics

Share

Michelin & Cie. says its worldwide sales dropped to €5.1 billion in July-September from €5.4 billion in the same period of 2012.

The tiremaker blames much of the decline on unfavorable exchange rates in Japan, the U.S. and South America.

Michelin predicts its full-year operating profit will improve by about €150 million to €2.6 billion, excluding the impact of "more deeply negative" currency effects than it had anticipated earlier this year. To help offset the impact, the company says it will take unspecified steps to further control costs.

Last year the Michelin's net profit rose 8% to €1.6 billion and adjusted operating income surged 27% to €2.5 billion. The company has been trying to offset slumping demand in Europe by expanding in other markets and stepping up sales of tires for large off-road vehicles such as mining trucks.

RELATED CONTENT

  • Porsche Doubles EV Target for 2025

    Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.

  • Tariffs on Autos: “No One Wins”

    While talk of tariffs may make the president sound tough and which gives the talking heads on cable something to talk about, the impact of the potential 25 percent tariffs on vehicles imported to the U.S. could have some fairly significant consequences.

  • Ford’s $42 Billion Cash Cow

    F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.

Gardner Business Media - Strategic Business Solutions