Michelin grew sales by nearly 24% in 3Q
Groupe Michelin posted net sales of 4.6 billion euros ($6.3 billion) during the third quarter of 2010, a 23.8% increase over its 3Q 2009 net sales.
Gains were driven by increases in both the original equipment and replacement tire segments worldwide during the first nine months of the year.
In North America, Michelin's OE sales climbed 54% during the first nine months of 2010, while North American replacement sales rose by 5%.
On the OE side, "demand in North American rebounded sharply off of very low prior-year comparatives," say Michelin officials.
In the replacement channel, "growth in the North American market was more restrained in line with the seasonal trend. The U.S. and Mexican markets continued to grow, expanding by 7% and 11%, respectively, but the market in Canada was down 14% due to the high basis of comparison created by last year's new regulations promoting winter tire use."
Michelin's OE truck tire sales in North America grew 26% during the first nine months, while replacement truck tire sales increased by 19%.