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Michelin Reports 10% Sales Boost for First Quarter

(Akron/Tire Review) Groupe Michelin reported a consolidated net sales increase of 10.2% for the first quarter of 2006, up due to higher sales volumes, improved pricing mix and reduced impact from currency fluctuations.

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But Michelin did not state its first quarter earnings. The company did say that “raw material costs (for natural rubber in particular) experienced a further massive increase” in the first quarter. This prompted the company to up its forecast for an anticipated 15% increase in raw materials costs, up from 11% stated earlier – a difference of 170 million euros.

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Without giving much in the way of specifics, Groupe Michelin said its passenger and light truck/SUV tire sales in North America “were below market trends” and that pricing improved due to price increases earlier this year. On the medium truck tire replacement side, Michelin said its North American share increased slightly, and that its price increases “are sticking.”

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