Michelin reports strong first quarter

By Patrick Raleigh ERJ On-line news editor

Clermont Ferrand, France-Groupe Michelin has posted a 3.9-percent year-on-year sales rise to Euro3799 million, helped by 7.6 percent higher tonnage volumes. Excluding exchange rate factors, the increase was 9.5 percent in what the group described as “better than expected tyre” markets.

However, Michelin put much of the sales growth down to one-off factors most notably advance purchases in anticipation of price increases by several tyre makers in Europe and North America.

In particular, the French market grew very strongly…

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