Michelin raises free cash flow outlook on lower volume, costs

Sales in the first nine months rose 2% to 21.2bil euros, negatively impacted by a foreign currency effect of 2.6% year-to-date. — Reuters

PARIS: French tyre maker Michelin has raised its forecast for full-year free cash flow before acquisitions to 2.3bil euros (US$2.4bil) from 2bil euros, citing lower volume and costs.

Sales in the first nine months rose 2% to 21.2bil euros, negatively impacted by a foreign currency effect of 2.6% year-to-date, including a negative impact of 5.5% in the third quarter.