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You are here: Home1 / News2 / Career Tracks3 / Analysts: Michelin results ‘a good third quarter’

Analysts: Michelin results ‘a good third quarter’

Date: 23rd October 2012 Author: Tyrepress Editors Comments: 0

Financial analysts welcomed the relative good news of Michelin’s third quarter/nine-month results, which saw sales rise despite lower volumes and followed profit warnings from Nokian and Delticom respectively in the week before. As a result Deustche Bank upgraded its operating profit expectations to 2.55 billion euros, 9 per cent above consensus.

Looking further ahead, Deutsche Bank expects 2013 to follow a similarly positive pattern with a raw material tailwind of about 300 million euros in the first half of the year: “We expect weak volumes of -2 per cent in the second half (compared with 0 per cent previously). This translates into a headwind of 70 million on OP…These weak volumes are not worrying since the industry is significantly below trend and should therefore recover in next quarters.”

Other analysts at Morgan Stanley took a similar view stating the key detail is the upgrade to raw material cost guidance, which could lead to roughly 70 million euros of additional second half of pre-tax profits (EBIT). Their view is that this could translate into a 6 per cent upgrade to profit expectations.

Related news:

  • Michelin sales up 6 per cent in the first nine months of 2012

 

 

Related news:

  1. Analysts Welcome Pirelli Broadband Sale, Expect Aggressive Capital Investment
  2. Analysts: Delticom profit warning a reflection of European tyre market weakness
  3. Delticom profit warning another negative point for tyre business – analysts
  4. Michelin sales up 6 per cent in the first nine months of 2012
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Michelin sales up 6 per cent in the first nine months of 2012 Marangoni calls for reductions in hours for all 350 Rovereto employees
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