Michelin's 1Q Revenue Declines Despite Healthy Pricing; EUR 98 Fair Value Unchanged
No-moat Michelin reported first-quarter revenue of EUR 5.2 billion, declining 6.3% versus EUR 5.6 billion last year. Tire volume slipped 2.3% while price-mix improved 3.4% during the same time frame. Even so, currency translation was the biggest headwind, dropping sales 7.7%. Excluding currency, revenue would have increased 1.4%. Price was mainly driven negative by an “extremely competitive†European market. The year-ago comparison was difficult owing to a strong prebuy in the first quarter of 2...Compagnie Generale des Etablissements Michelin is active in the tire and mobility-related service markets. Co. manufactures, distributes and sells tires for all kinds of vehicles, publishes maps and guides and operates a number of services. Co.'s operates in three segments: Passenger car/Light truck tires and related distribution; Truck tires and related distribution and Specialty businesses segment including tires for specialty vehicles and maps and guides. Co. distributes its products through two tire distribution networks: Euromaster (Europe) and TCI (U.S.A.) and its brands include Michelin, BFGoodrich, Kleber, Uniroyal, Warrior, Kormoran, Riken, Taurus and Tigar.
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