Michelin sales down for nine-month period

PARIS (Oct. 22)—Groupe Michelin expects its fiscal 2003 operating earnings to fall slightly short of the 2002 performance because of double-digit increases in raw material costs in the past 12 to 15 months. Michelin did not project sales for the fiscal year, but said sales for the nine months through Sept. 30 were down 4.6 percent to $12.4 billion, as exchange rate fluctuations more than offset gains in volumes, pricing and product mix. Tonnage sold for the nine-month period was up 3.1 percent based on strong truck tire sales, primarily in Europe, the firm said. In the third quarter, sales fell 1.7 percent to $4.2 billion with exchange rates offsetting volume and pricing gains.