Michelin anticipated a modest fall in 2023 earnings in a stabilizing market in February

Michelin CEO Menegaux also stated that the company will unveil a new set of mid-term goals at a future capital markets day event in 2024.

Despite a challenging climate, Michelin tyre company is on target to meet its 2023 goals and will release a new set of mid-term plans next year, according to the French tyre maker's firm.

"Despite a very tough climate, Michelin has made a decent start toward meeting its 2023 ambitions," CEO Florent Menegaux said in a webcast.

Michelin anticipated a modest fall in 2023 earnings in a stabilizing market in February after record inflation drained its annual cash flow.

Michelin forecasted this month that segment operating income would fall to 3.2 billion euros ($3.4 billion) in 2023, down from 3.4 billion euros in 2022, and that free cash flow before acquisitions would exceed 1.6 billion euros in 2023.

Michelin CEO Menegaux also stated that the company will unveil a new set of mid-term goals at a future capital markets day event in 2024.

In late trade, Michelin shares were down 3.5%.