Michelin posts a slight drop in sales on lower tyre volumes (updated)

Compagnie Generale des Etablissements Michelin SCA

Tue 17:44

Recasts, Adds FX detail in paragraph 2, results in bullets 1-4, Raw materials in bullet 5, guidance in bullet 6
Oct 20 (Reuters) - French tyre maker Michelin MICP.PA on Tuesday reported a drop in nine-month sales, as tyre volumes declined, despite an improved currency effect in the third quarter.
The company has been hurt by a negative currency effect since the beginning of the year, linked to the depreciation of the US dollar during the first half. 
Sales shrank 0.5% to €19.18 billion ($21.54 billion), but rose 1% at constant exchange rates
Tyre volumes declined by 0.8%, mainly linked to lower original equipment sales 
Currency effect was negative by 1.6% over the period, but turned favourable in the third quarter 
Polymer Composite Solutions segment continued to grow, rising 21.9% to €1.15 billion, supported by the acquisitions of Cooley Group, Flexitallic and TexTech
It reported a 1.1% price-mix effect, reflecting price hikes in reaction to increasing raw material costs
It confirmed its full-year guidance

 ($1 = 0.89 euros)

 (Reporting by Mathias de Rozario and Rihab Latrache in Gdansk; Editing by Shilpi Majumdar and Joyjeet Das)
 ((mathias.derozario@thomsonreuters.com))