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Michelin hikes annual dividend, affirms FY'19 guidance

Compagnie Générale des Établissements Michelin said May 17 that its shareholders approved an increased annual dividend of €3.70 from €3.55 a year ago.

The French tire maker said the dividend is payable in cash starting May 23.

In addition, Michelin confirmed its annual targets for full year 2019 following a 9.3% increase in sales in the first quarter to €5.8 billion. The increase was driven by contributions from newly acquired businesses Fenner PLC and Camso Inc.

For 2019, the company said it forecasts segment operating income to exceed the 2018 figure of €2.77 billion at constant exchange rates and before the additional contribution of Fenner and Camso, which is estimated at €150 million for 2019. It also expects structural free cash flow of more than €1.45 billion.