Michelin sales up 1.4% in Q1 2018
The first quarter 2018 sales of Michelin is up by 1.4 Percent to EUR5.2bn when compared to the same period a year ago. The company said that there was a slight decline in the passenger car, light truck and truck tyre markets. The OE demand was down impacted by the Chinese and North American markets. Truck tyre demand was robust, it said.
During the full year, demand is expected to increase slightly in the passenger car and light truck tyre markets and remain stable in the truck sector. The mining tyre market should continue to grow.
The currency effect will remain highly unfavourable throughout the year, with an estimated EUR350m negative impact on operating income from recurring activities (of which -EUR250 million in the first half).
Against more favourable prior-year comparatives, sales volumes will be lifted by the new closer-to-the-customer organisation and a large number of new product launches. The Group will continue to manage prices so as to protect its unit margins in an increasingly competitive marketplace.