Michelin sales rise on buoyant car demand, mining rebound
PARIS, April 20 Michelin revenue rose 9.9 percent in the first quarter, buoyed by European auto-market growth and a rebound in demand for outsize mining tyres, the company said on Thursday.
Revenue rose to 5.57 billion euros ($5.99 billion) from 5.07 billion euros a year earlier, Michelin said in a statement. Sales by volume rose 7.3 percent.
The company reiterated its 2017 goals, which include volume growth in line with global markets, an increase in full-year operating income at constant exchange rates and structural free cash flow in excess of 900 million euros. ($1 = 0.9296 euros) (Reporting by Laurence Frost; Editing by GV De Clercq)