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Michelin sales decline on Europe, prices
April 22, 2013 / 4:05 PM / in 5 years

Michelin sales decline on Europe, prices

PARIS, April 22 (Reuters) - French tyremaker Michelin said first-quarter sales fell 8.1 percent, weighed down by a sluggish economy in its home region and weaker-than-expected growth elsewhere.

Revenue fell to 4.88 billion euros ($6.36 billion) in January-March from 5.3 billion a year earlier, the Clermont Ferrand-based company said in a statement on Monday.

Declining sales volumes accounted for most of the slide, with a 10 percent decline in European car tyre sales compounded by a 12 percent drop in U.S. sales to truck makers. Falling prices also weighed on revenue, the company said.

Michelin nonetheless reiterated its full-year goals including “stable” operating profit, close to the 2.42 billion euros recorded in 2012 before one-time gains and losses. ($1 = 0.7674 euros) (Reporting by Laurence Frost; Editing by James Regan)

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