Michelin confirms its 2019 guidance as first quarter sales rise
Michelin confirms its 2019 guidance as first quarter sales rise. PARIS (Reuters) - Michelin reported higher first quarter sales, helped by its recent acquisitions of the Camso and Fenner businesses, and the French tyre maker stuck to its 2019 financial guidance for a rise in annual, underlying profits. Sales rose 11.3 percent from a year earlier to 5.81 billion euros (£5.03 billion), broadly in line with forecasts by InFront Data which had an average estimate for sales of 5.82 billion. Michelin confirmed its 2019 targets for volume growth in line with global market trends, and for a segment operating profit level above that of 2018 on a like-for-like basis, and structural free cash flow of more than 1.45 billion euros.