February 11, 2019 / 5:01 PM / 12 days ago

Michelin pledges 2019 profit gain despite market uncertainty

PARIS, Feb 11 (Reuters) - French tyre maker Michelin posted higher 2018 sales and operating profit on Monday, pledging a further profit increase this year despite a mixed outlook for its key markets.

Revenue rose to 22.03 billion euros ($24.9 billion) last year from 21.96 billion in 2017, the company said, ahead of the consensus market forecast of 21.73 billion.

Recurring operating profit edged 1.2 percent higher to 2.775 billion euros, also outstripping the 2.679 billion expected by analysts, based on the median of eight estimates in an Infront Data poll for Reuters.

Net income dipped to 1.67 billion euros from 1.7 billion last year.

Earlier this month, rival Goodyear posted fourth-quarter results that missed market forecasts, knocking down Goodyear’s shares.

$1 = 0.8864 euros Reporting by Gilles Guillaume Editing by Sudip Kar-Gupta

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