French tyre giant Michelin today revealed a fall in operating profits during the first half of 2017, missing analyst expectations.
But the only reason it failed to hit targets was that analysts got their sums wrong, the firm claimed.
Operating profit was €1.39bn (£1.25bn), down 0.9 per cent and below predictions of €1.43bn, according to an analyst poll by Reuters. Revenue was €11.06bn compared with forecasts of €11.1bn.
Finance chief Marc Henry told Reuters that analysts had "over estimated currency gains" to the tune of €37m on earnings.
Meanwhile, the tyre company's president Jean-Dominique Senard said:
Michelin's good performance compared to the first half of 2016 is in line with its roadmap for 2020.
Growing volume, price policy steering, further improvement of the group's competitiveness and commitment of teams to customer service are the main levers.
He continued: "We confirm our outlook for 2017, with a second half-year that will benefit from improved profitability resulting from price increases."