(CercleFinance.com) – Sales amounted to 6,481 million euros over the first three months of the year, up 19.0% compared to 2021.
The group benefited from a slightly positive volume effect of 0.5% (+€28 million), reflecting dynamic activity in January and February, then a slowdown in March due to operational disruptions generated by the impact of the conflict in Ukraine, and by the resurgence of Covid-19 in China.
For the automotive and related distribution business, sales amounted to 3,254 million euros, up 20.8% compared to the same period in 2021.
For road transport and related distribution, sales amounted to 1,674 million euros, up 20.6% compared to the first quarter of 2021.
In 2022, the markets should post slight growth, in the lower part of the ranges initially forecast: between 0% and +4% in Passenger Cars and Light Trucks, from +3% to +7% in Trucks (excluding China), between +6 % and + 10% for Specialty Activities.
Michelin maintains its guidance with annual segment operating income above 3.2 billion euros at constant exchange rates and structural free cash flow above 1.2 billion euros.
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