Michelin keeps its 2019 guidance despite deteriorating auto market

French tyre maker Michelin cut its full-year market forecasts again on Thursday, pointing out a sharper-than-expected downturn in the truck segment, but the company maintained its full-year guidance. The group, which said two weeks ago it would close a French plant in response to deteriorating conditions of the auto industry, also posted a 8.9% increase in third-quarter revenue to 6.115 billion euros ($6.78 billion).

Michelin said in a statement that the truck tire markets are now expected to end the year down 4%, versus a previous forecast of a 2% decline. The group confirmed it expects a segment operating income exceeding the 2018 figure at constant exchange rates and before the estimated 150 million euros contribution from the Fenner and Camso businesses. It also expects structural free cash flow of more than 1.45 billion euros. ($1 = 0.9013 euros)

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