October 19, 2016 / 4:10 PM / in a year

Michelin revenue slips on mature market weakness

PARIS, Oct 19 (Reuters) - French tyre maker Michelin said its revenue fell 2.5 percent in the third quarter amid flagging demand in Europe and North America.

Sales dropped to 5.18 billion euros ($5.7 billion) in the three months ended Sept. 30, from 5.31 billion a year earlier, the company said on Wednesday.

Car and truck tyre sales were “flat to slightly down in the mature markets”, Michelin said. Elsewhere the picture was more mixed, with demand in China still growing and a further contraction in South America.

Michelin reiterated its full-year guidance including volume growth outpacing each market around the globe, higher recurring operating income and structural free cash flow in excess of 800 million euros. ($1 = 0.9124 euros) (Reporting by Laurence Frost; Editing by Susan Fenton)

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