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October 25, 2019 04:55 PM

Michelin revenue up 10% through nine months despite lower unit sales

Tire Business Staff
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    PARIS — Michelin Group reported a 10.4% increase in sales revenue for the nine months ended Sept. 30 despite lower sales volumes in the consumer and commercial tire segments.

    Michelin did not disclose earnings for the period, but management said it still expects segment operating income to exceed the 2018 figure at constant exchange rates and before the estimated $160 million earnings contribution from mid-2018 acquisitions Fenner P.L.C. and Camso Inc.

    The full-year impact of raw materials costs and customs duties is estimated at around $111 million.

    Sales rose to $20.1 billion for the January-September period.

    For the full year, Michelin said it expects global industry sales of passenger/light truck tires and truck/bus tires to fall 1% and 4% short of 2018, respectively.

    For the nine-month period, Michelin reported a 3.7% increase in sales in the automotive and related distribution business to $9.41 billion despite a 7% drop in OE-related business.

    The road transportation (truck/bus tires) and related distribution business posted a 2.4% gain in sale to $5.44 billion despite a 2% decline in unit shipments. The price-mix effect was "robust," Michelin said. reflecting the business' selective focus on segments capable of creating value.

    The specialty businesses and related distribution segment's sales shot up 39.7% percent to $4.98 billion, driven by the first-time consolidation of Camso and Fenner.

    Within this segment, Michelin reported sales of mining tires "maintained their momentum" thanks to the group's solid positions in surface mining segment, its pricing strategy and the growth of its service operations, and said it experienced market-share gains in off-the-road tires.

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