Michelin Q1 sales up 5.5 pct to 4.2 bln eur; FY guidance maintained UPDATE |
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Tue, 24 Apr 2007 17:59
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(Updates with breakdown of trading)PARIS (Thomson Financial) - Michelin said first-quarter sales reached 4.2 bln eur, a 5.5 pct increase year-on-year, as higher volumes and the impact of pricing and product mix offset negative currency effects, while the tyre maker reiterated its full-year guidance of a 'tangible increase' in sales and operating margin before exceptional items.'Tyre 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 company said in a press release.The total sales were a touch above the 4.06 bln eur forecast by CA Cheuvreux and the 4.17 seen by BNP Paribas.Michelin said that higher volumes contributed 5.5 pct to sales growth while pricing and product mix added 4.4 pct.Conversely, currency variations had a minus 3.6 pct impact on sales.By region, Michelin underlined have ry strong growth' in truck tyres in Europe, thanks to a healthy economic climate.The company also cited strong growth in emerging markets, led by China.North America was the only region to record lower sales in any segment.In terms of costs, Michelin said it still expects raw material costs to have a 'neutral impact' on full-year results.However, the tyre maker said it remains 'cautious' about rubber prices, given that they are still above year-earlier levels.tfn.paris@thomson.comgt/rfw/gt/ambCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Michelin Q1 sales up 5.5 pct to 4.2 bln eur; FY guidance maintained 