MGDDY Michelin Compagnie Generale Des Etablissements Michelin (PK)

   By Olivia Bugault 
 

Compagnie Generale des Etablissements Michelin (ML.FR) said Wednesday that sales in its first quarter rose despite challenging market conditions and confirmed its 2019 guidance.

The French tire maker said sales for the three months ending March 31 were 5.81 billion euros ($6.50 billion), compared with EUR5.22 billion a year earlier. Analysts had Michelin sales at EUR6.02 billion, according to FactSet estimates. Michelin's recent acquisitions--Camso and Fenner-- positively contributed to the company's first-quarter results, it said.

In volumes, sales are down 0.5% during the period, Michelin said.

The company confirmed that it targets a volume growth for 2019 in line with global market trends, while its segment operating income should exceed its 2018 one at constant exchange rate before the contribution of Camso and Fenner. The company estimates raw-material costs at around EUR100 million but said it should mainly affect its first-half results.

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

(END) Dow Jones Newswires

April 24, 2019 12:28 ET (16:28 GMT)

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