Michelin Q1 sales up – strong performance in mature markets
Net sales at Michelin rose 0.9 per cent in the first quarter of 2016 to €5.1 billion, pushed up by a 4.3 per cent rise in passenger car and light truck tyre sales, which more than offset the 3.0 per cent decline in truck tyre sales and 4.2 per cent drop in sales within the company’s specialty business.
The 0.9 per cent rise in sales was attributable to a 3.7 per cent increase in volumes that was partially counterbalanced by a 1.3 per cent unfavourable price mix effect and 1.9 per cent unfavourable currency effect. Michelin also reported a 0.4 per cent positive impact from changes in the scope of consolidation, primarily the addition of German tyre wholesalers Ihle and Meyer Lissendorf, and of UK online retailer Blackcircles.
Full details of Michelin’s Q1 2016 results can be found in our company profiles and reports section.