By Olivia Bugault
Compagnie Generale des Etablissements Michelin (ML.FR) said Monday that its after-tax profit fell in 2018 after being hit by a challenging economic environment and adverse currency effects.
After-tax profit slipped to 1.66 billion euros ($1.87 billion) last year from EUR1.69 billion a year earlier, the French tire maker said. Revenue rose to EUR22.03 billion from EUR21.96 billion.
The company said currency effects had a EUR271 million negative impact on its results.
Analysts had expected Michelin to post 2018 net profit of EUR1.72 billion on revenue of EUR21.75 billion, according to a consensus forecast provided by FactSet.
Michelin said it will declare a dividend of EUR3.70 a share, up from EUR3.55 last year.
The company expects its 2019 segment operating income--its key operating measure--to exceed last year's figure of EUR2.77 billion at constant exchange rates.
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