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Michelin revenue falls on China, U.S., stronger euro

Published 23/04/2018, 17:16
Updated 23/04/2018, 17:20
© Reuters. A sign with the logo of French tyre maker Michelin, with a Bibendum, the Michelin Man mascot, is pictured on media day at the Paris Mondial de l'Automobile

PARIS (Reuters) - French tyre maker Michelin (PA:MICP) said first-quarter revenue fell 6.3 percent on weaker Chinese and U.S. demand and the effects of a stronger euro.

Revenue fell to 5.2 billion euros (4.6 billion pounds) in January-March from 5.567 billion a year earlier, Michelin said in a statement. Demand for car and light-truck cars fell 5 percent in North America and 2 percent in China, the company said.

© Reuters. A sign with the logo of French tyre maker Michelin, with a Bibendum, the Michelin Man mascot, is pictured on media day at the Paris Mondial de l'Automobile

The stronger euro, which reduces the value of dollar-zone sales, cut revenue by 7.7 percent in the period, Michelin said, while sales volumes fell 2.3 percent. Stronger pricing and sales of higher-end tyres helped to limit the decline, it said.

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