Tires, Products and Travel services

Europe Africa Asia North America South America Russia
+1.69 %
SHARE PRICE at 5:35 PM on 04/17/2014

Net Sales for the Period Ending September 30, 2013

Listen to the audiocast of the analyst/investor conference (live to 5:45 pm London Time - replay from 9:30 pm London Time) Listen to the audiocast of the analyst/investor conference
(live to 5:45 pm London Time - replay from 9:30 pm London Time)

View InvitationView Invitation

Michelin announces €15,282 million in nine-month sales. Sales volumes up 2% in the third quarter after declining by 1.5% in the first half

  • Markets on a good trend in the third quarter, as expected:
    - Passenger Car and Light Truck Tires: Markets up, except in Eastern Europe.
    - Truck Tires: Technical rebound in Europe, but market still uncertain in North America.
    - Mining market still growing in the third quarter, but other Earthmover markets hurt by the business environment.
  • Sales volumes up 2% in the third quarter, in line with full-year forecasts.
  • Price effect stable in relation to the first half:
    - Price increases in countries experiencing currency depreciation.
  • Significantly unfavorable currency environment combining the impact of the lower US dollar and Japanese yen, anticipated at the beginning of the year, with the depreciation of other currencies against the euro in the third quarter.

Outlook for 2013

In light of the outlook for volume growth in the fourth quarter, Michelin confidently maintains its full-year objective of stable volumes in an environment shaped by recovering, yet still weak demand in mature markets and expanding demand in new markets.

Faced with a currency environment that has deteriorated since the summer, Michelin should experience a more deeply negative currency effect than was expected at the beginning of the year.

As a result, the Group is aiming for a year-on-year increase of around €150 million in operating income before non-recurring items, excluding the currency effect.

To offset the impact of unfavorable exchange rates, Michelin is further tightening its management of key levers, notably through even more careful control of gross margin and costs.

In this environment, the Group confirms its objective of positive free cash flow in line with the structural objective of €500 million and a 10% return on capital employed.

  • Q3 Analyst/Investor Conference Invitation (37kB) Download
  • Q3 Highlights (1012kB) Download
  • Q3 Net Sales Presentation (3MB) Download
  • Q3 Press Release (279kB) Download

Financial Information for the Nine Months Ended September 30, 2013

Last update: October 28, 2013

NET SALES (€ MILLIONS) 3rd Quarter Nine Months
2013 2012 % Change 2013 2012 % Change
PASSENGER CAR AND LIGHT TRUCK 2,702 2,797 -3.3% 8,023 8,298 -3.3%
TRUCK TIRES AND RELATED 1,660 1,775 -6.5% 4,781 5,044 -5.2%
SPECIALTY BUSINESSES 1 761 864 -11.9% 2,478 2,800 -11.5%
GROUP TOTAL 5,123 5,436 -5.8% 15,282 16,142 -5.3%
1 Earthmover, Agricultural, Two-Wheel and Aircraft tires; Michelin Travel Partner and Michelin Lifestyle.


Check out the 2013 Highlights.


Compare tire market growth figures for the Passenger Car and Light Truck and Heavy Truck markets.
Markets at end of March
Last update: March 14th, 2014