Michelin’s 1Q Sales Gain
Tire maker Michelin & Cie. said its first-quarter sales rose 5.5% on higher prices and demand from truck makers, Bloomberg reported.
Revenue rose to 4.2 billion euros ($5.7 billion) from $5.4 billion a year earlier, France-based Michelin said in a statement late Tuesday.
The earnings slightly exceeded economists’ forecasts, Bloomberg said. Michelin reiterated its February forecast of a “tangible increase” in profit as a proportion of sales this year
“Tire markets were dynamic in all regions, except for North America, which is still affected by a partial economic slowdown and a further round of fuel-price increases,” the statement said, Bloomberg reported.