PARIS (Feb. 6)—Despite a slight downturn in business in the fourth quarter, Groupe Michelin's 2001 sales grew 2.5 percent to $14.1 billion. Improved pricing and a better product mix helped drive sales up despite a 2.8-percent decline in the tonnage volume, Michelin said. Operating earnings are expected to fall between $876 million and $960 million (6.2 and 6.8 percent of sales), based on preliminary evaluation of fourth-quarter data, the firm said. The fourth quarter drop of 0.7 percent was attributed to the effects of a "marked deterioration" of markets and the devaluation of the Argentine peso. In North America, Michelin claims to have gained market share in the passenger/light truck replacement segment and held its own in the truck tire aftermarket after losing market share in the first quarter. Fiscal 2001 earnings will be announced Feb. 26.
Michelin sales rise despite dip in business
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