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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsian tyres are 'clearly eating a big part of the pie,' Michelin CFO saysYves Chapot, CFO at Michelin, discusses the firm's latest round of earnings and increased competition from Asia.
Persons: Yves Chapot Organizations: Michelin Locations: Asia
Oct 25 (Reuters) - French tyre maker Michelin (MICP.PA) on Tuesday cut its full-year free cash flow guidance citing an uncertain demand outlook, soaring cost inflation and continued supply chain disruptions, but posted better-than-expected quarterly sales. The company adjusted its structural free cash flow guidance to 700 million euros having previously anticipated more than 1.2 billion euros, due to the one-off the impact of inflation and, to some extent, currency effect on its working capital. Michelin, which makes tyres used in cars, aircraft, bicycles and industrial equipment, still expects an operating income from its main business to reach over 3.2 billion euros ($3.2 billion) this year. Sales rose 20.5% year-on-year to 7.44 billion euros in the third quarter. Analysts polled by the company expected sales of 7.16 billion euros.
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