Michelin : A solid start to the year
>Q1 sales in line: underpinned by volumes and price mix, undermined by FX - Michelin yesterday evening posted Q1 2021 sales of € 5.448bn (+2.3% in reported terms), in line with our expectations and those of the consensus (€ 5.444bn/€ 5.482bn). In detail, though, we note stronger organic growth (+8.4% vs +7.5% expected by the consensus), with a nice surprise on volumes (+7.5% vs +6.6%) and a price mix in line (+0.9%). In contrast, the greater FX headwind of -6.0% (vs -...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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