Michelin Posts Lower Nine Month Sales
Michelin reported a 0.5 percent drop in nine-month sales to 19.18 billion euros as lower tyre volumes and negative currency effects weighed on the French maker. The company confirmed its full-year guidance despite the challenging environment.
Insights:
Michelin reported a 0.5% drop in nine-month sales to €19.18 billion ($21.54 billion) on Tuesday morning, driven by lower tyre volumes. The manufacturer battled a negative currency drag during the first half linked to the depreciating United States dollar. Despite the headwinds, management confirmed its full-year guidance for investors.
