Michelin's 3Q sales rise 4.5%
Groupe Michelin's consolidated net sales during the third quarter totaled 3.89 billion euros, a 4.5% increase over the same period in 2004.
However, in North America, Michelin's passenger and light truck replacement sales growth "was slightly below market growth on a year-on-year basis," according to Michelin officials.
"This resulted from a further decline in private and associate brand sales, whereas Michelin and BFGoodrich branded sales were in line with the market evolution, but clearly higher for the most profitable segments, such as high performance."
In its commercial truck replacement business, Michelin "continued to post good sales performance in the region. Sales were particularly strong in Mexico, a fast growing market.
"A second round of price increases were successfully implemented in the U.S. (in September), allowing this business to fully offset the raw material cost increases registered so far this year."
Looking ahead to the fourth quarter of 2005, Michelin "does not expect any significant market improvements. In these conditions, the Group has introduced a number of measures to adjust output levels in the final quarter."