Michelin 3Q results; numbers rise, revenue falls

Michelin’s third quarter results show that turnover was down 1.7 per cent on 3Q 2002 to 3.8 billion Euro, but volumes were up slightly for both OE and replacement markets.

Speaking of prospects for the year as a whole, Michelin expects to achieve an operating margin slightly below the 7.8 per cent of last year. Raw material costs have risen by 300 million Euro this year and second half figures will be affected by the consolidation of the loss-making Viborg retail chain and a PSA wheel recall.