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Michelin confirms full-year guidance as 9-month sales rise 10.4% YOY

Compagnie Générale des Établissements Michelin SCA on Oct. 24 confirmed its outlook for 2019 as it recorded a 10.4% year-over-year rise in sales in the first nine months of the year.

From January to Sept. 30, the French tire manufacturer saw group sales grow to €17.90 billion from €16.22 billion in the year-ago period.

The company said the number of original equipment and replacement passenger car and light truck tires sold worldwide was stable in the third quarter but declined by 1% over the first nine months.

Across the company's business segments, Michelin's automotive and related distribution segment saw sales climb 3.7% year over year during the nine-month period to €8.63 billion despite a 7% fall-off in original equipment demand in narrower markets. The company said the segment benefited from a favorable price-mix effect.

Sales for the group's road transportation and its related distribution segment jumped 2.4% year over year during the period to €4.83 billion despite a 2% drop in volume in markets that fell sharply during the nine-month period.

Michelin's specialty businesses, comprised of mining tires, off-road tires, two-wheel tires and aircraft tires saw sales reach €4.43 billion, up 39.7% year over year. Michelin attributed the growth to the integration of Camso Inc. and Fenner PLC, which the company acquired in 2018.

The company said it continues to expect a 1% decline in the passenger car and light truck tire markets in 2019. Michelin reaffirmed its guidance for the full year, expecting volume growth in line with global market trends, segment operating income to exceed the 2018 figure of €2.78 billion at constant exchange rates and before the integration of Fenner and Camso, which is estimated at €150 million for 2019. The group also expects structural free cash flow of more than €1.45 billion.

Michelin's stock fell 2.08% to €101.05 on Oct. 24 before closing down 1.94% at €101.20.