Michelin Q3 Sales Down 4.6%

(RTTNews) - Europe's largest tire-maker Michelin Cie Des Estb (MGDDY.PK, MGDDF.PK), Wednesday said its third-quarter sales dropped 4.6 percent from last year, hurt largely by continued weak demand in Europe and lower demand in new markets, except China. Sales for the nine-months period declined 4.7 percent from a year ago.

Sales for the third quarter dropped 4.6 percent to 4.89 billion euros from 5.12 billion euros last year. Nine-months sales dropped 4.7 percent to 14.56 billion euros from 15.28 billion euros last year.

Passenger car, light truck tires and related distribution segment sales dropped 4.1 percent to 2.59 billion euros, while truck tires and related distribution unit slipped 5.1 percent to 1.58 billion euros. Specialty business sales declined 5.8 percent to 717 million euros.

The French tire giant said the market slowdown observed since the second quarter continued into the third quarter, including weak demand in Europe, especially in Truck tires, contraction in original equipment demand in new markets, except China.

Moving ahead, Michelin has lowered its outlook for volume growth, in line with the market, to a range of 1 to 2 percent for the entire year.