Michelin Records Increased 3Q Revenues
Michelin has reported a 4.9 per cent rise in third-quarter revenues as a result of charging increased prices. Revenue rose to 4.08 billion euros ($5.12 billion) for the three months ended 30 September from 3.89 billion euros a year earlier. The latest figure was slightly above analysts’ expectations of approximately 4.04 billion euros ($5.07 billion). The recent decline in raw material prices will have only a small impact on full-year earnings, the company said. It said there is a three- to five-month lag before changes in raw material prices affect final sales of tyres.