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    Home ยป Strong Sales Performance for Compagnie Generale des Etablissements Michelin
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    Strong Sales Performance for Compagnie Generale des Etablissements Michelin

    October 24, 20232 Mins Read
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    Despite facing challenges such as a decline in tire sales volumes and currency exchange rate headwinds, Compagnie Generale des Etablissements Michelin has reported higher overall sales for the first nine months of the year.

    Solid Growth in Group Sales

    Michelin announced a 2% increase in group sales for the period, amounting to 21.15 billion euros ($22.57 billion). The company also expressed confidence in achieving its 2023 guidance.

    Factors Impacting Tire Sales Volumes

    Tire sales volumes experienced a 3.6% drop due to various factors. The significant dealer destocking, as well as rising interest rates and challenging macroeconomic conditions, contributed to this decline. Additionally, the discontinuation of Michelin’s Russian business further affected the figures.

    Currency Effects

    Currency exchange rate fluctuations had an impact on Michelin’s revenue, resulting in a reduction of EUR545 million.

    Positive Contribution from Tire Price-Mix and Specialty Business Segment

    To offset the weaker sales volumes, Michelin successfully increased its tire price-mix by 7.2% to EUR1.50 billion. Furthermore, the company’s specialty business segment saw a noteworthy 5.4% rise in sales, reaching 5.37 billion euros. This growth was primarily driven by strong performances in the mining, agricultural, and aircraft markets.

    Despite the challenges faced, Compagnie Generale des Etablissements Michelin remains resilient and continues to make strides in its various business segments.

    David Sachs – Wall Street Journal

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    Business Performance Currency Exchange Rate Michelin Sales Tire
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