Michelin Posted Sales Gains During First Quarter
Michelin Group achieved 6.5 billion euros in sales during the first quarter, a 19% year-over-year increase. "Business benefited from a very favorable price-mix effect," according to Michelin officials.
This included "highly disciplined price management in the replacement (tire) business, supported by sustained enhancement of the mix in the expanding 18-inch and larger tire segment."
Michelin officials say replacement tire demand in North and Central America "climbed 5%" during the first three months of the year.
"In March, demand softened somewhat in the United States, easing 2% year-on-year, but remained strong in Canada and Mexico, gaining 8%."
Demand for original equipment tires in the Americas "dropped slightly by 3%, as auto semiconductor supply remained tight."
North and Central American commercial truck tire replacement demand during the first quarter of 2022 rose 2% on a year-over-year basis, with an increase of 3% in North America, specifically. This mirrored demand for OE truck tires in North and Central America, which also increased by 2%.
"In 2022, in a highly uncertain environment, markets are still expected to see growth, yet at the low end of the initially indicated ranges - 0% to 4% in passenger car and light truck tires, 3% to 7% in truck tires (excluding China) and 6% to 10% in the specialty (tire) businesses."