Michelin misses quarterly sales estimates on weaker global demand

(Reuters) – Michelin (EPA:MICP)’s third-quarter sales dropped by 1.2% on a constant currency basis, slightly missing market expectations due to weaker demand, the French tyre maker said on Wednesday.

Group sales overall during the period came in at 6.77 billion euros, down from 7.07 billion euros a year before and below the 6.82 billion forecast in a company-compiled consensus.