PARIS (April 28)—Groupe Michelin posted 3.9-percent better sales in the first quarter of 2004, as the volume of tires sold was up 7.6 percent but swings in the currency exchange rates held the revenue gain down to only about half of that.
For the full year, Michelin is forecasting better growth than initially anticipated, but cautioned the first-quarter increase was aided by some exceptional circumstances in Europe and North America and rising raw material prices continue to affect earnings. Michelin did not disclosed earnings for the quarter at this time.
Worldwide sales were up to $4.62 billion, with most of the growth coming in the truck tire and other businesses, Michelin said. The latter includes the company's holdings in retailing in Europe and the U.S.