25-10-2022
Financial information at September 30, 2022
Nine-month sales rose by 20.5% to €20.7 billion.
In a highly inflationary environment, 2022 full-year guidance is confirmed for operating income and adjusted for structural free cash flow.
End-user demand (sell-out) held firm in most regions and markets.
As regards sell-in demand, Passenger Car & Light Truck tire markets grew by 1.4%, lifted by a third-quarter recovery in Original Equipment (OE) demand, mainly in North America and China; Replacement (RT) markets remained stable, with a mix temporarily impacted by rising imports from Asia.
Truck tire markets -excluding China- expanded by 6.0% with an acceleration in the third quarter.
Specialty tire markets remained robust in all segments except Agricultural and Construction in the third quarter; demand remains strong in Mining.
Consolidated sales for the nine months ended September 30, 2022 came in at €20.7 billion, up 20.5% year-on-year, including a 6.5% positive currency effect:
A 13.4% gain from price increases, reflecting the Group’s policy of systematically passing on cost inflation factors and the growing impact of price indexation clauses.
A 0.9% increase from the mix effect reflecting growth in the Passenger Car 18-inch and larger segment and in Mining, partially offset by an adverse OE/RT mix effect in the Automotive business.
A 2.4% decline in volumes, mostly due to the exit from Russia and lockdowns in Chinese cities, amid persistent operational disruptions.
A 1.0% gain from changes in scope, mainly reflecting the consolidation of Allopneus.com.
Non-tire sales grew by 22% accounting for 1.1% of consolidated sales growth, demonstrating the validity of the ongoing Michelin in Motion Group strategy.
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