April 23, 2018 / 4:07 PM / 5 months ago

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

PARIS, April 23 (Reuters) - French tyre maker Michelin 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 5.218 billion euros ($6.4 billion) 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.

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. ($1 = 0.8185 euros) (Reporting by Laurence Frost; Editing by Susan Fenton)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below