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Michelin posts financials for first nine months, third quarter

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Groupe Michelin´s net sales for the first nine months of 2004 totaled 11.6 billion euros, while Michelin´s sales for the third quarter came to 3.8 billion euros.

Both totals were increases over the same respective periods in 2003.

Michelin officials say the company performed "in line with the (general) market" throughout North America.

"However, third quarter sales volumes underperformed the market," due, in part, to the impact of a three-month strike at its BFGoodrich plant in Kitchener, Ontario.

Despite this, Michelin reports that its flag brands gained market share in the high performance and SUV segments.

Michelin´s original equipment truck tire sales were up 36.3% during the first nine months, while replacement truck tire sales were "slightly above market trend, which was slowing down, as expected."

The company´s performance for the rest of the year "is still anticipated to be in line with long-term annual growth trends," according to Michelin officials.

"The trends observed in the third quarter should be confirmed in the fourth, with a further slowdown of replacement markets."

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