April 29, 2019 |
Michelin Releases Q1 Figures
Michelin Group has released its figures from the first quarter of 2019, announcing sales of €5.8 billion, an increase of 9.3 per cent when compared to the same period in 2018.
According to Michelin, it was a resilient performance by the Group in difficult markets, with volumes down by just 0.5 per cent in the first quarter.
“In difficult markets, we once again demonstrated the resilience afforded by our Group’s exposure to different economic sectors, allowing us to confirm our 2019 guidance. First-quarter sales also reflect the major contribution of our recent acquisitions, Camso and Fenner,” Jean-Dominique Senard, Chief Executive Officer, Michelin Group said.
The company also confirmed its 2019 guidance, expecting the Passenger Car and Light Truck tyre markets to deliver mixed results, with modest growth in the replacement sector and a contraction in the original equipment sector. The Truck tyre market look set to contract slightly, while the Mining, Aircraft and Two-Wheel tyre markets should remain dynamic.
Based on April 2019 exchange rates, Michelin expects the current effect to have a relatively favourable impact on segment operating income. The impact of raw materials is currently estimated at around a negative €100 million, mainly affecting first half results.
In this environment, Michelin confirmed its 2019 targets of volume growth in line with global market trends, segment operating income exceeding the 2018 figure at constant exchange rates and before the estimated €150 million contribution from Camso and Fenner, and structural free cash flow of more than €1.45 billion.
Further information is available at: https://www.michelin.com/en/finance/regulated-information/net-sales/
Sources:
https://www.michelin.com/en/finance/regulated-information/net-sales/
https://www.tyrepress.com/2019/04/michelin-sales-up-9-3-in-q1-2019/
