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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.
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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.
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