Michelin : A tougher H2, penalised by specialty tyres weakness
>Q3 sales 2% below expectations, FY targets adjusted (EBIT down but FCF up) - Michelin has reported Q3 sales of € 6.69bn (-5%), 2% below expectations (-1% vs ODDO BHF), mainly because of an even bigger drop in volumes (Specialities/SR3) than feared (-7.1% vs -4.4%), not fully offset by the more robust price/mix (+2.9% vs +2.4%). As a result, the group adjusted full-year guidance by cutting its EBIT/SOI target (~€ 3.4bn vs >€ 3.5bn at constant FX) but raising its FCF ...
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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