Michelin: confirms targets for 2019
(CercleFinance.com) - On Thursday evening, Michelin announced 9m sales of 17.
9 billion euros, up 10.4% from 16.22 billion euros in the same period in 2018. Sales were up 1.3% LFL.
"In 2019, the Passenger car and Light truck tire markets are expected to decline by 1%, as the modest 1% growth in the Replacement segment fails to offset the steep 6% contraction in the Original equipment segment. Truck tire markets are expected to weaken more quickly in the fourth quarter, to end the year down 4%. Specialty tire markets will probably remain stable over the full year, as sustained demand for Mining and Aircraft tires helps to cushion the sharp contraction in the Agricultural and Construction markets. The full-year impact of raw materials costs and customs duties is estimated at around a negative E100 million," the group said.
"In this scenario, Michelin confirms its guidance for 2019, with volume growth in line with global market trends; segment operating income exceeding the 2018 figure at constant exchange rates and before the estimated E150 million contribution from Fenner and Camso; and structural free cash flow of more than E1.45 billion."
Copyright (c) 2019 CercleFinance.com. All rights reserved.
9 billion euros, up 10.4% from 16.22 billion euros in the same period in 2018. Sales were up 1.3% LFL.
"In 2019, the Passenger car and Light truck tire markets are expected to decline by 1%, as the modest 1% growth in the Replacement segment fails to offset the steep 6% contraction in the Original equipment segment. Truck tire markets are expected to weaken more quickly in the fourth quarter, to end the year down 4%. Specialty tire markets will probably remain stable over the full year, as sustained demand for Mining and Aircraft tires helps to cushion the sharp contraction in the Agricultural and Construction markets. The full-year impact of raw materials costs and customs duties is estimated at around a negative E100 million," the group said.
"In this scenario, Michelin confirms its guidance for 2019, with volume growth in line with global market trends; segment operating income exceeding the 2018 figure at constant exchange rates and before the estimated E150 million contribution from Fenner and Camso; and structural free cash flow of more than E1.45 billion."
Copyright (c) 2019 CercleFinance.com. All rights reserved.