Goodyear Tire (GT), Cooper Tire (CTB) Active; Michelin Posts 2.4% Drop in Q1 Sales, 3.4% Volume Increase
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Goodyear Tire (NYSE: GT) and Cooper Tire (NYSE: CTB) are on watch Wednesday following quarterly results from segment peer Michelin.
Michelin reported Q1 sales of €4.758 billion, down 2.4 percent over the same period last year.
Volume rose 3.4 percent in Q1.
Outlook for 2014:
With tire demand rising as fast as expected in the first quarter of 2014, except in Eastern Europe, Michelin maintains its objective of around a 3% increase in volumes over the full year.
The Group aims to improve its gross unit margin, while preserving a positive balance between pricing policy and raw materials costs. The competitiveness plan is being deployed on schedule.
Against this backdrop, Michelin is confirming its 2014 objectives of i) an increase in operating income before non-recurring items (at constant exchange rates); ii) a more than 11% return on capital employed; and iii) structural free cash flow of more than €500 million along with a capital expenditure program maintained at around €2 billion.
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