Michelin (ML.PA), Wednesday announced nine-month financial results, reporting group sales of 19.3 billion euros, down 4.4 percent, primarily due to a decline in tire volumes, a tire price-mix effect, and a strongly adverse currency effect.
The company noted that the overall performance of the Tire markets during the period primarily reflects a contraction in the Original Equipment segment in Europe and North America, and a Replacement segment led by imports of budget tires.
Previously, Michelin has adjusted its financial outlook for 2025, expecting segment operating income between 2.6 - 3 billion euros, instead of previously estimated above 3.4 billion euros.
ML.PA closed at 27.43 euros, down 1.65 percent on the Paris.
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