•  Volume up 15.3% for the quarter, gaining momentum late in the period as market share held firm.
  •  A negative 2.1% price-mix effect, reflecting i) faster growth in original equipment than replacement sales and ii) the application of contractual price adjustments indexed to raw materials costs, particularly in the specialty tire business.

 Outlook for 2010

  • Around 10% growth in volume as mature economies gradually recover.
  • Continued deployment of a responsive pricing policy, assuming current raw materials prices hold firm.
  • Capital expenditure of €1-1.2 billion, mainly due to outlays for projects in Brazil, China and India.

In light of these factors, Michelin maintains its objective of generating positive
free cash flow for the year.

Investor Relations Media Relations Individual shareholders
Valérie Magloire
+33 (0) 1 78 76 45 37
+33 (0) 6 76 21 88 12 (cell)

Matthieu Dewavrin
+33 (0) 4 73 32 18 02
+33 (0) 71 14 17 05 (cell)

Corinne Meutey
+33 (0) 1 78 76 45 27
+33 (0) 6 08 00 13 85 (cell)
Jacques Engasser
+33 (0) 4 73 98 59 08


This press release is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documents filed in France with Autorité des Marchés Financiers, which are also available from the www.michelin.com website.

This press release may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions as at the time of publishing this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or inferred by these statements.

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