Michelin Cuts Outlook on Weaker North America Sales

Michelin lowered its financial guidance for the year after tire sales in North America fell more sharply than expected, with the tiremaker citing a weaker economy.

Operating income is expected in a range between €2.6 billion ($3 billion) to €3 billion at constant exchange rates, Michelin said Monday, compared with a previous target of more than €3.4 billion. The weaker dollar also contributed to the downgrade, the company said.