(AOF) – Michelin announces a turnover down 4.6% in the 1st quarter to 6.64 million euros. The tire specialist cites in particular falling tire volumes (-4.1%) due to certain declining markets (construction, agricultural, mining clearance) and the continuation of the group’s value strategy which focuses on the most value-creating markets. The group estimates the decline at 2.7% at constant exchange rate. “Performance in the most value-creating segments results in a strong mix effect,” he adds.
The group’s annual guidance remains unchanged: the group targets sector operating income above 3.5 billion euros at constant exchange rate, and free cash flow before acquisitions above 1.5 billion euros.
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