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French tyre maker Michelin beats first-quarter sales expectations -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A Formula E racing car is adorned with the logo of Michelin, a French tyre manufacturer. This was taken during a news conference that took place in Rome on May 17, 2016, REUTERS/Alessandro Bianchi/File Photograph

(Reuters). French tyremaker Michelin (EPA): Tuesday, the EPA confirmed its full year outlook despite a “highly unstable environment” and better-than expected quarterly sales.

This group makes tires for cars, airplanes, and other industrial applications. It reiterated its full year forecast for segment operating income exceeding 3.2 billion euro ($3.4 billion) at constant currency rates. The structural free cash flow was more than 1.2 million euros.

The first quarter sales increased 19% to 6.48 Billion Euros, surpassing a consensus by analysts of 6.34 Billion euros.

($1 = 0.9385 euros)

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