54th Air and Space Show at Le Bourget airport near Paris
Michelin reported on Wednesday a turnover down 4.6% in the first quarter, weighed down by weak demand, in particular for tires for heavy goods vehicles and construction, agricultural and mining machinery.
The Clermont-based group recorded consolidated sales of 6.64 billion euros for the first three months of the year, below the forecasts of 15 analysts who expected on average 6.68 billion euros, according to a compiled consensus. by Michelin.
Volumes fell 4.1% over the period, “mainly coming from heavy-duty and specialty tires, due to sluggish general demand and a more rigorous selection of market segments,” the group said. in a press release.
Analysts surveyed by Michelin expected on average a volume effect down 3.4%.
The quarter was also marked by a heavy currency effect of 1.9%.
Building on its premium positioning, particularly on large tires of 18 inches and above for cars, Michelin also managed to maintain a positive price-mix effect of 0.7% over the period.
The group has thus maintained its forecasts for the year 2024, i.e. operating income for the sectors exceeding 3.5 billion euros at constant exchange rate, and free cash flow before acquisitions exceeding 1.5 billion euros. euros.
(Written by Alban Kacher, with Gilles Guillaume, edited by Blandine Hénault)