Michelin: Q1 sales up 2.3%

(CercleFinance.com) - Michelin has announced Q1 sales of 5.
4 billion euros, up 2.3% at current exchange rates.

Business was particularly driven by the dynamic automotive sector (+3.7%) and road transport (+2.1%), while specialty activities fell slightly (-0.3%).

The group underlines the very strong rebound in demand in China on all markets, to levels close to those of 2019.

In 2021, despite a still very uncertain context regarding the future developments of the health crisis, Michelin anticipates 6% to 10% growth in the small van market, 4% to 6% in the truck market and 8% to 12% in its specialty division.

In this context, excluding a new systemic effect relating to Covid-19, Michelin confirmed its guidance, with annual operating profit from sectors above 2.5 billion euros at constant exchange rates and a structural free cash flow of around 1 billion euros.


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