Michelin's 3Q Revenue Declines on Lower Volume, Unfavorable Currency, and Softer Price Mix
No-moat-rated Michelin reported third-quarter revenue of EUR 5.2 billion, down 3% from last year's third-quarter revenue of EUR 5.3 billion. However, tire volume was down by 1% over the same time frame. Currency translation and price mix offset revenue by 1.3 and 1.0 percentage points, respectively. Price mix was mainly driven negative by an “extremely competitive†European market. As a French-domiciled company, Michelin only reports revenue in its fiscal first- and third-quarter results.The ne...
Compagnie Generale des Etablissements Michelin is active in the tire and mobility-related service markets. Co. manufactures, distributes and sells tires for all kinds of vehicles, publishes maps and guides and operates a number of services. Co.'s operates in three segments: Passenger car/Light truck tires and related distribution; Truck tires and related distribution and Specialty businesses segment including tires for specialty vehicles and maps and guides. Co. distributes its products through two tire distribution networks: Euromaster (Europe) and TCI (U.S.A.) and its brands include Michelin, BFGoodrich, Kleber, Uniroyal, Warrior, Kormoran, Riken, Taurus and Tigar.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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