PARIS (April 25)—Groupe Michelin sold 5.1-percent more tires in the first quarter, but fluctuating currencies negated the improvement, leaving reported sales of $3.92 billion 4.9 percent behind the 2002 period. In North America, Michelin reported a 6-percent drop in replacement sales of passenger and light truck tires and a 10.9-percent jump in replacement truck tire sales. The drop in passenger/LT sales compares favorably with a 5.4-percent overall market drop, whereas the gain in truck tire sales contrasts sharply with a flat overall market, Michelin said. Original equipment sales were up in both categories, 9.2 percent in the passenger/LT segment and 5.7 percent in truck, Michelin said. Earnings were not disclosed at this time. Regarding net sales, Michelin said its sales gain in tons and an improved price/mix were offset by the swing in the value of the euro vs. the U.S. dollar, Canadian dollar, Mexican peso and Brazilian real.
Exchange rates negate higher tire sales for Michelin
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