French tyre maker Michelin has posted a 3.9% rise in first quarter sales as demand recovered but a weak dollar restricted growth, and said it was confident in its capacity to improve its operational performance in 2004.
Go deeper with GlobalData
According to Reuters, Europe’s biggest tyre maker said in a statement that sales totalled $US4.49 billion in the three months to the end of March compared with $4.32 billion previously. Revenues jumped 9.5% stripping out the effect of a strong euro compared with the US dollar.
A consensus of analysts’ forecasts compiled by the company itself predicted first-quarter sales of $4.45 billion, with forecasts ranging from $4.28 to $4.62 billion, the report said.
