CLERMONT-FERRAND, France — Group Michelin registered a 5-percent rise in revenue for the quarter ended Sept. 30 to $5.88 billion on the combined effect of rising OE demand, a sustained rebound in demand for mining tires and a "highly favorable" price mix.
Unit volumes during the quarter rose 1 percent and 2.8 percent for the first nine months — the latter trend led by early dealer-buying in the first quarter and a continued upturn in mining tire sales throughout the period.
Net sales for the first nine months of the year stood at $19.3 billion, up 5.6 percent over the previous year, the French tire maker results show.
For the first half-year, Michelin's operational income remained flat at $1.64 billion. Increased profitability achieved through competitiveness plans was offset by high inflation rates, it also noted.
The company did not provide earnings figures for the third quarter of 2017.
In terms of sales breakdown, Michelin reported growth in every segment, with a significant improvement in specialty tires, including earthmover, farm, and aircraft tires. The segment posted 18.4-percent growth in sales at $2.94 billion for the first nine months of the year.
Another area where Michelin saw significant hikes was in the premium passenger car tire segment —18-inch and bigger — where the company posted a 21-percent growth in volumes.
"A successful premium strategy," Michelin said, had delivered continuous market share with its price premium being 10-percent higher than premium competitors.