Michelin: 2024 guidance adjusted - OP down, FCF up

(CercleFinance.com) - 9m sales totaled E20.
2bn, down 3.4% at constant exchange rates. The group's performance in the most value-generating segments is reflected in an improved mix, management says.

Volumes fell by 5.3% over the period (-7.1% in Q3 alone), reflecting the sharp slowdown in original equipment sales in all segments.

In view of the new forecast scenario for sell-in markets, annual sales volumes are expected to be in the [-6%; -4%] range, the group says.

The 2024 guidance has been adjusted as follows: segment operating income of around E3.4bn at constant exchange rates (compared with over E3.5bn previously), and free cash flow before acquisitions of over E1.7bn (compared with over E1.5bn previously), management adds.


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