CLERMONT-FERRAND, France—Michelin reported solid results for the three and nine months ended Sept. 30, prompting the company to reaffirm its previous guidance for fiscal 2021 sales and earnings.
Helped by "robust mix and disciplined price management," revenue for the quarter grew 8.6 percent to $7 billion, Michelin said. Sales were helped by a 0.3-percent positive currency impact and non-tire revenues of $26 million.
Over the first nine months, sales were up 15.6 percent to $20.3 billion, based on 14.8 percent unit volume growth, a 2.8-percent improvement tied to higher selling prices, a 1.3-percent increase from an improved mix (reflecting market share gains in larger rim diameter tires) and a 5.8-percent jump in revenue from non-tire products.
Michelin did not disclose earnings at this time but confirmed its earlier guidance for fiscal 2021 of $3.3 billion in segment operating income and structural free cashflow of over $1.2 billion.
The French tire maker said business environment during the third quarter was characterized by the lingering COVID-19 crisis, "extensive disruption across every supply chain" as well as "rising raw materials, logistics and, now, energy costs."