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.
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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.
