MGDDY Michelin Compagnie Generale Des Etablissements Michelin (PK)

   By Olivia Bugault 
 

Compagnie Generale des Etablissements Michelin (ML.FR) said Thursday that revenue rose for the first nine months of the year and confirmed its 2019 guidance despite lowering its market forecast for the fourth quarter.

Third-quarter revenue rose to 17.9 billion euros ($19.91 billion), up 1.3% compared with the same period last year on a like-for-like basis, the French tire maker said. Michelin said that its volume declined 0.8% during the period due to a weaker-than-expected market.

Michelin confirmed its 2019 guidance but lowered its market forecast for its fourth quarter. "Truck tire markets are expected to weaken more quickly in the fourth quarter, to end the year down 4%," Michelin said, adding that "the full-year impact of raw materials costs and customs duties is estimated at around a negative EUR100 million."

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

October 24, 2019 12:14 ET (16:14 GMT)

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