Source AP ©

Michelin increases its revenue in third quarter

Third-quarter revenue of Michelin went up 2.5 percent and its operating margin for the full year is likely to "approach" the 10.2 percent for the first six months.

Third-quarter revenue came in at 4.18 billion EUR(US$6.02 billion), up from €4.08 billion a year before. The result was slightly below an average estimate of 4.22 billion EUR(US$6.07 billion) by a panel of 14 analysts polled by the company.

Revenue for the first nine months of the year rose by 4.0 percent to 12.59 billion EUR(US$18.13 billion), from 12.10 billion EUR in the same 2006 period.

Michelin reaffirmed its earlier guidance that 2007 will see a "substantial improvement" over 2006.

The company said it expects a 60 million EUR(US$X86.4 million) negative impact in 2007 from rising raw material prices, but added that the latest round of price increases for some raw materials such as oil and natural rubber "will not impact the group's 2007 results."