Michelin's 1Q Revenue Up Strong on Prebuy Ahead of Price Increases; EUR 87 FVE Unchanged
No-moat-rated Michelin reported first-quarter revenue of EUR 5.6 billion, up by a healthy 10% from last year's first-quarter revenue of EUR 5.1 billion. Tire volume increased 7% over the same time frame. Currency translation added 2.5 percentage points, mix added 0.9 percentage points, while price partially offset the revenue increase by 1.0 percentage point. An "extremely competitive" European market mainly drove the price negative. Management said that increased volume will continue through th...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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