Group Michelin reported 20.5% higher sales revenue for the nine-month period, despite lower unit sales volume for the period, in part due to the impact of Russia's invasion of Ukraine.
Michelin did not report earnings for the period, but said it is sticking with its earlier operating earnings forecast for fiscal 2022 of slightly above $3 billion.
Michelin stressed that its forecast takes into account a "highly inflationary" environment shaped by continuing operational disruptions, widespread inflation and limited visibility as to future demand.
Michelin is projecting that passenger and light truck tire markets worldwide could end the year flat compared with 2021, with a potential swing of +/- 2%, while truck tire markets (excluding China) should expand by 2% to 6% and specialty tire markets growing by 3% to 7%.
For the nine-month period, Michelin's sales rose to $22.1 billion; for the third quarter, the increase was 23% to $7.5 billion.
While Michelin's unit sales to customers was down slightly in the period, the company said end-user demand held firm in most regions and markets. In response, the company said it is "steering operations to ensure adequate inventory levels."