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Michelin’s Quarterly Revenue Slips 2%
Tiremaker Michelin & Cie. reports its unit sales grew more than 3% in the first quarter of 2014 compared with the same period last year, thanks to rising car production and growth in demand for truck tires.
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Tiremaker Michelin & Cie. reports its unit sales grew more than 3% in the first quarter of 2014 compared with the same period last year, thanks to rising car production and growth in demand for truck tires.
But the strengthening euro trimmed revenue to €4.8 billion from €4.9 billion.
Michelin's first-quarter unit sales of original-equipment tires fell 6% in eastern Europe and 8% in South America. But volume rose 6% in western Europe, 5% in North America and 8% in Asia (excluding India).
Sales of replacement tires dropped 8% in eastern Europe but advanced 7% in western Europe, 7% in North America, 11% in Asia (excluding India) and 6% in South America.
The company aims to increase its operating profit to €2.9 billion in 2015 from €2.2 billion last year. It also expects to lower its costs by €1 billion by 2016.
Michelin reiterates that it expects its unit sales will increase about 3% globally this year.
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