Michelin : A good start to the year, reflecting a disciplined strategy that is bearing fruit

>Q1 sales in line, with strong price/mix more than offsetting volumes weakness - Michelin yesterday evening reported Q1 2023 sales of € 6.96bn, up 7.4% y-o-y and in line with expectations (€ 6.91bn). Unsurprisingly, the performance at the start of the year was marked by another drop in volumes (-6.6%), but these now seem to have bottomed out with an improvement in sight for Q2 (expected flat at worst). The weakness of volumes was more than offset by a still very soli...