October 19, 2018 / 7:08 AM / a month ago

Michelin shares slide after tire maker cuts market forecasts

FILE PHOTO: The Michelin logo is seen during the first press day of the Paris auto show, in Paris, France, October 2, 2018. REUTERS/Regis Duvignau/File Photo

PARIS (Reuters) - Shares in Michelin (MICP.PA) fell sharply on Friday after the French tire maker cut its full-year market forecasts and said a sales slowdown would worsen in the fourth quarter.

Michelin shares were down by 5.1 percent in early session trading.

Michelin announced the cuts to its forecasts late on Thursday, blaming weaker Chinese vehicle demand and new emissions standards that have hit European registrations.

Michelin’s own sales volumes are now expected to show only a “slight increase” for 2018, the company said. It had previously pledged to increase sales in line with more robust market growth expectations, in guidance reiterated on Sept. 13.

Reporting by Sudip Kar-Gupta; Editing by Bate Felix

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