In its first quarter financial statement, released earlier today, April 24, Groupe Michelin provides the following forecast for its global business for the rest of the year.
"In mature regions, strong demand is being confirmed in Europe as the truck original equipment market strengthens, while North America's truck tire markets are expected to remain particularly down throughout the year.
"When compared with the market outlook published by the Groupe at the beginning of the year, we note a clear recovery of Brazil's truck tire OE market driven by the recovery of the agri-food sector.
"We also expect more subdued growth than forecast in Asia's passenger and light truck tire makrets, owing in particular to the decline of Japanese markets."
Michelin says it is maintaining its outlook for the full year which was communicated at the start of 2007. "Net sales and operating margin before non-recurring items should post a tangible increase compared to 2006."
