French tyre maker Michelin beats first-quarter sales expectations
2022.04.26 19:01
FILE PHOTO: The logo of French tyre maker Michelin is seen on a Formula E racing car during a news conference in Rome, Italy May 17, 2016 REUTERS/Alessandro Bianchi/File Photo
(Reuters) – French tyre maker Michelin (EPA:MICP) on Tuesday confirmed its full-year outlook despite a “highly uncertain environment” after better than expected quarterly sales.
The group, which makes tyres used in cars, aircraft, bicycles and industrial equipment, reiterated its full-year forecast of segment operating income above 3.2 billion euros($3.4 billion) at constant exchange rates and a structural free cash flow of more than 1.2 billion euros.
First-quarter sales rose 19% to 6.48 billion euros, beating a company-provided analyst consensus of 6.34 billion euros.
($1 = 0.9385 euros)
