PARIS - French tiremaker Michelin on Wednesday said fourth quarter sales dipped 2.8 percent in the fourth quarter to 3.959 billion euros, slightly below market expectations.
Michelin said in a statement full-year sales totalled 15.645 billion euros compared to 15.775 in 2001, but posted a rise of 2.7 percent stripping out exchange rate fluctuations.
Analysts were expecting the company to post fourth quarter sales of 4.04 billion euros and full-year revenues of 15.73 billion.
Michelin is targeting an operating margin between 7.0 and 7.4 percent for the full year, excluding a worsening tire market, exchange rate and raw materials conditions.
It is one of 10 European companies that rating agency Standard & Poor's said last week it could downgrade due to unfunded pension liabilities.