Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Shares  >  Euronext Paris  >  Michelin (CGDE)    ML   FR0000121261

News SummaryMost relevantAll newsSector news 

MICHELIN : Reaffirms 2012 Guidance As First-Quarter Revenue Rises

04/23/2012 | 12:33pm US/Eastern

French tire manufacturer Cie Generale des Etablissements Michelin (ML.FR) Monday said it expects a clear increase in operating income this year despite flat sales in volume terms and predicted that price increases will amply offset an estimated EUR300 million to EUR350 million additional cost of raw materials.

The company, one of the world's leading tire makers, also reported an increase of 5.1% on the year in revenue in the first quarter of this year to EUR5.30 billion, despite a fall of 9.6% in volume sales.

Michelin said that price increases introduced last year and contractual price adjustments, together with more sales of higher-value tires, had more than offset the drop in volume sales.

"Michelin confirms its objective of stable sales volumes over the full year, in a market environment that is more uncertain in Europe, resilient in North America and more vigorous in the growth regions," the company said.

"Sustained price management in response to rising raw materials should amply offset their additional cost impact, which is still estimated at EUR300 million to EUR350 million for the year."

Michelin reaffirmed its 2012 objectives of reporting a "clear increase" in operating income and positive free cash flow, before the impact of the sale of real-estate in central Paris this year that has generated a capital gain of EUR100 million.

Michelin's first-quarter revenue came in above an average estimate of EUR5.15 billion among a panel of 12 analysts polled by the company.

-By David Pearson, Dow Jones Newswires; +33 1 4017 1740; david.pearson@dowjones.com

React to this article
Latest news on MICHELIN (CGDE)
08:17a MICHELIN CGDE : Brittany Ferries - Combine Christmas shopping with a Gourmet Cru..
08:05a MICHELIN CGDE : Alinea closes for renovation Jan. 1; plans pop-ups in Madrid and..
05:52a MICHELIN CGDE : Chef interview: Tom Aikens
01:48a MICHELIN CGDE : Diplomats dine on global delicacies with Peking Opera
10/12 MICHELIN CGDE : The Michelin Technology Centre constantly innovating
10/12 MICHELIN CGDE : Disclosure of the total number of voting rights and of the numbe..
10/12 MICHELIN CGDE : Ats euromaster wins ntda react roadside technician of the year a..
10/12 MICHELIN CGDE : The Michelin Technology Centre constantly innovating...
10/12 MICHELIN CGDE : 31 great Sunday roasts in Surrey
10/12 MICHELIN CGDE : Paris house woburn, bedfordshire
Duration : Period :
Michelin (CGDE) Technical Analysis Chart | ML | FR0000121261 | 4-Traders
Income Statement Evolution
More Financials