Michelin: Everything is up in 1Q

April 22, 2011

Groupe Michelin isn't ready to release its first quarter 2011 financial results yet, but it has published a preview of what to expect, plus three-month shipment updates on three key markets.

On www.michelin.com, the company revealed its overall sales totaled more than 5 billion euros ($7.3 billion), up 28% through March 31, 2011, compared to the first quarter of 2010. Here's the breakdown.

Consumer tires: up 21.2%.

Truck tires: up 32.6%.

Specialty businesses: up 46.8%.

("Specialty businesses" include earthmover and agricultural tire sales.)

"Price-mix improved by 7.7%, primarily reflecting price increases to pass on the sharp, across-the-board run-up in raw materials costs," said the company.

Michelin also looked at the overall market in North America. Industry tire shipments for the first quarter were up in both the replacement and original equipment radial segments compared to 1Q 2010.

Tires                Replacement      OE

Consumer:    up 6.7%                up 12.1%  

Heavy truck:  up 25.2%             up 66.2%

In Europe, replacement passenger and light truck (consumer) sales were up 12% for the quarter; in Brazil, they were up 5.9%. OE shipment also were up for both countries, as were replacement and OE truck tire shipments.

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