Michelin's Third Quarter Gets Boost From Agricultural Tires
The Michelin Group reported better-than-expected third-quarter sales in late October, partly due to a strong rebound for agricultural machinery tires.
Michelini said sales totaled 6 billion euros for July to September, up from 5.78 billion in the same period last year.
Michelin Managing Chairman Florent Menegaux said the group posted "a very solid performance." He also pointed out there were "major disruptions in our supply chains and sharp spikes in energy and other costs."
The rise in sales came despite a global shortage in semiconductor chips, which has forced carmakers still recovering from coronavirus disruptions to cut production as they compete for supplies with the consumer electronics industry.
Michelin also noted rising raw material costs and worsening labor shortages in North America and to some degree in Europe.
Though demand for truck tires grew in most of the world during the three months, it fell sharply in China, according to Michelin.