Michelin Q3 Financial Results: Sales Increase of 15.6%

…“Despite the persistent health crisis, the Group posted a very solid performance,” said Managing Chairman Florent Menegaux. “In this unusual environment, which is still being roiled by major disruptions in our supply chains and sharp spikes in energy and other costs, I would once again like to express my appreciation to all our teams. Thanks to their engagement and hard work, the Group has further demonstrated its resilience and can pursue its ambitious growth strategy.”

In 2021, in a still highly disrupted environment, Passenger car and Light truck tire markets are expected to expand by 6% to 8% over the year, impacted by semiconductor shortages, while Truck tire markets should rebound by 6% to 8% and the Specialty markets should see a gain of 9% to 11%. Barring any new systemic effect from Covid-19¹ and assuming slightly over-market growth in its sales, Michelin maintains its full-year targets of segment operating income in excess of €2.8 billion at constant exchange rates and structural free cash flow² of more than €1 billion. …

Source: Michelin