PARIS (Oct. 27, 2010)—Michelin said its sales increase 23.8 in the third quarter and 19.4 percent for the nine months ended Sept. 30 on the strength of increased unit sales and an improved price mix.
The French tire maker didn't disclose earnings. It said it expects to report an operating margin of nearly 9 percent for year, based on the nine-month performance.
Michelin's sales in the quarter rose to $6.32 billion and to $17.7 billion for the nine months. For the quarter, unit sales rose 13.8 percent, the company said, based on faster-than-expected growth in all tire markets.
Industry passenger and light truck original equipment sales increase 32 percent from the depressed 2009 level, Michelin said, while replacement market sales grew 9 percent. South America and Asia led the growth, at 20 and 12 percent, respectively, ahead of 2009.
Consumer tire growth in North America was 5 percent in the replacement market and 54 percent at original equipment.
In truck tires, replacement sales worldwide were up 18 percent for the nine months while OE sales jumped 38 percent. In North America the growth was 13 percent on the replacement side and 26 percent for OE.
Michelin's consumer tire segment—passenger and light truck tires and related distribution activities—reported a sales increase of 18.1 percent to $9.71 billion for the nine months on “sharply higher” unit sales.
Truck tires and related distribution reported 25-percent higher sales of $5.57 billion.
Michelin's specialty businesses—earthmover, agricultural, two-wheeler and aircraft tires—generated 12.4-percent higher sales of $2.4 billion.