PARIS (Oct. 25)—Michelin said its third-quarter sales grew 4.5 percent to $4.71 billion, although that didn't meet corporate expectations.
The French company—which did not release earnings figures—said favorable exchange rates helped it sales, which grew 3.3 percent at constant exchange rates. For the nine months, sales grew 1.5 percent to $13.8 billion. Volumes were down 2.6 percent and exchanges rates had a slight negative effect, and the sales increase was attributed to improved selling prices.
The firm said the European truck tire aftermarket continued to slide. OE truck tire sales continued at record levels, up 11.7 in the year-to-date comparison but only 1.1 on a quarter-to-quarter basis.
The company said demand continued to growth in the earthmover/OTR segment in OE, while shortages still are occurring in the replacement market.
Raw material costs were as high as expected, about 14-15 percent above the 2004 level, Michelin said.