Tire manufacturer Michelin has announced that its net sales in the first quarter of this year reached 4.877 billion euros, down 8.1% from 5.304 billion euros in the same period last year.
Among the business units, net sales of passenger cars and light truck tires and related distribution businesses in the first quarter were 2.582 billion euros, which was 6.5% lower than the same period of last year; net sales of truck and bus tires and related distribution businesses were 1.477 billion euros, down 7.9 percent year-on-year. %; Net sales of specialty tires fell 13% year-on-year to 818 million euros.
After the release of the first quarter results report, Michelin Chief Financial Officer Marc Henry stated to the outside world that if its demand in the European region continues to remain at the current low level, the company will consider further restructuring measures in Europe. .
Despite the first quarterly decline in performance, the company maintained its previous target for full-year results due to the drop in the input costs of steel, petroleum derivatives and rubber, plus Michelin's positive free cash flow and high return on capital. .
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