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MarketScreener Homepage  >  Equities  >  Tokyo  >  Bridgestone Corporation    5108   JP3830800003

BRIDGESTONE CORPORATION

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Tire maker Michelin posts higher 2017 profits, warns of currency hit

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02/12/2018 | 12:06pm EST
Jean-Dominique Senard, Michelin tyre maker CEO, poses with Executive Vice Presidents Florent Menegaux and Yves Chapot before a news conference to present the company's 2017 annual results in Paris

PARIS (Reuters) - French tire maker Michelin (>> Michelin) reported higher profits for 2017 while warning of a likely hit from foreign exchange movements.

PARIS (Reuters) - French tire maker Michelin (>> Michelin) reported higher profits for 2017 while warning of a likely hit from foreign exchange movements.

Net income rose 1.6 percent last year to 1.693 billion euros (1.52 billion pounds), the company said on Monday. Analysts polled by Inquiry Financial for Reuters had given a median net income forecast of 1.67 billion euros.

Michelin said foreign exchange movements - based on January 2018 rates - would reduce its annual operating income from recurring activities by about 300 million euros.

The French company added it would raise prices to offset higher raw material costs.

Earlier this month, Goodyear (>> Goodyear Tire & Rubber Company (The)) cut its 2020 forecast for combined earnings of its three units amid higher prices for raw materials, overshadowing better-than-expected quarterly profit and revenue.

Michelin said it would consider further acquisitions, and on Monday announced the purchase of a 20 percent stake in German automotive services provider ATU.

(Reporting by Gilles Guillaume and Sudip Kar-GuptaEditing by Laurence Frost)

Stocks mentioned in the article
ChangeLast1st jan.
BRIDGESTONE CORPORATION -1.63% 4337 End-of-day quote.5.24%
GOODYEAR TIRE & RUBBER COMPANY (THE) 1.38% 16.11 Delayed Quote.-21.07%
MICHELIN -0.18% 108.55 Real-time Quote.25.49%
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Financials (JPY)
Sales 2019 3 554 B
EBIT 2019 351 B
Net income 2019 276 B
Debt 2019 48 397 M
Yield 2019 3,69%
P/E ratio 2019 11,3x
P/E ratio 2020 11,3x
EV / Sales2019 0,87x
EV / Sales2020 0,83x
Capitalization 3 053 B
Technical analysis trends BRIDGESTONE CORPORATION
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 15
Average target price 4 271,43  JPY
Last Close Price 4 337,00  JPY
Spread / Highest target 24,5%
Spread / Average Target -1,51%
Spread / Lowest Target -19,3%
EPS Revisions
Managers
NameTitle
Masaaki Tsuya Chairman & Chief Executive Officer
Akihiro Eto President, Chief Operating Officer & Director
Masato Sakano Chief Technology Officer
Scott Trevor Davis Independent Outside Director
Tsuyoshi Yoshimi Director
Sector and Competitors
1st jan.Capitalization (M$)
BRIDGESTONE CORPORATION5.24%28 089
MICHELIN25.49%21 492
GOODYEAR TIRE & RUBBER COMPANY (THE)-21.07%3 747
NOKIAN RENKAAT OYJ-10.44%3 682
SUMITOMO RUBBER INDUSTRIES, LTD.11.16%3 397
THE YOKOHAMA RUBBER COMPANY, LIMITED13.55%3 338