Michelin posts results for first nine months of 2002

Oct. 24, 2002

Groupe Michelin's consolidated net sales for the first nine months of 2002 totaled 11.6 billion euros vs. 11.7 billion euros during the same period in 2001.

North American sales decreased 3.3% compared to the first nine months of 2001.

The decline "was most pronounced during the third quarter," according to Michelin officials.

However, Michelin reported gains in its North American original equipment passenger/light truck tire and replacement medium truck tire segments, and a near 8% recovery in its North American OE medium truck tire business.

"The passenger/light truck segment benefited from sustained price increases regularly put into place within the last two years as well as improvement in category, product and brand mix," say Michelin officials.

Price increases enacted by the French manufacturer last March are sticking, they say.

The company adds that it's in-line with its objectives for 2002.