PARIS—Michelin shares fell more than 9 percent Tuesday after the French tire maker warned of lower profits this year than previously forecast.
Shares fell 9.2 percent to 60.62 euros ($94.80) in Paris.
Michelin said late Monday operating profit this year "should approach" 2007 levels, lowering expectations from mid-February when it said there would be "further progress" in operating income.
Rising spending on raw materials will cut profit by 200 million euros ($312 million), the company said. The cost could have been triple that without the impact of the cheaper dollar, the currency in which it pays for materials such as natural rubber and oil byproducts, Michelin said.
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