CLERMONT-FERRAND, France—Steady growth in North America led Group Michelin to a 16.2-percent jump in sales in the third quarter, to $3.69 billion, and a 14.6-percent rise for the nine months to $10.6 billion. Currency fluctuations accounted for nearly half of that growth, Michelin said.
Overall, the tonnage volume was up 6.6 percent for the nine months, the company said. In North America, Michelin's sales of 424/light truck tires—impacted by the Firestone recall—jumped 27.1 percent vs. overall market growth of 16.8 percent.
Sales of speed-rated high-performance tires increased 17.4 percent, Michelin said, compared with market growth of 9.9 percent. On the other hand, original equipment sales of truck tires fell 29 percent during the third quarter and are expected to drop even further in the fourth.
Michelin said the global economic environment has deterioriated since July, and that raw materials prices continue to climb.
To counteract the effects of rising raw materials prices, Michelin announced a series of price increases.