Michelin keeps its 2019 guidance but calls for caution [Reuters]
MICHELIN CIE GEN UNSP/ADR (MGDDY)
NASDAQ:AMEX Investor Relations:
michelin.com/eng/finance/regulated-information/compagnie-generale-des-etablissements-michelin-amf
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Source: Reuters
Michelin keeps its 2019 guidance but calls for caution - Reuters 2 Min Read PARIS (Reuters) - French tyre maker Michelin ( MICP.PA ) on Thursday maintained its full-year profit guidance but cut its forecast again for the global tyre market, pointing to a sharper-than-expected downturn in the truck segment. The group, which said two weeks ago it would close a French plant in response to deteriorating conditions in the auto industry, posted a 8.9% increase in third-quarter revenue to 6.115 billion euros ($6.78 billion). Michelin said in a statement that the truck tyre market is now expected to end the year down 4%, versus a previous forecast of a 2% decline. The group confirmed it expects 2019 operating income exceeding the 2018 figure at constant exchange rates and before the estimated 150 million euros contribution from the Fenner and Camso businesses. It also expects a structural free cash flow of more than 1.45 billion euros. Michelin’s chief financial officer Yves Chapot said dur
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