French tyre maker Michelin beats first-quarter sales expectations

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The group, which makes tyres used in cars, aircraft, bicycles and industrial equipment, reiterated its full-year forecast of segment operating income above 3.2 billion euros($3.4 billion) at constant exchange rates and a structural free cash flow of more than 1.2 billion euros.

First-quarter sales rose 19% to 6.48 billion euros, beating a company-provided analyst consensus of 6.34 billion euros.

($1 = 0.9385 euros)