Fewer tyres, more money – Michelin publishes financial results

Despite a “complex market environment” the Michelin Group achieved “solid sales” in the past nine months, as chief executive officer Florent Menegaux emphasised yesterday when presenting the company’s latest financial information. According this Q3 2023 report, Michelin increased its sales by 2.0 per cent to 21.15 billion euros in the first nine months of this year. This growth was driven by rising sales in the company’s Automotive and Specialty Businesses segments (and their related distribution structures), which respectively increased 3.6 per cent and 5.4 per cent year-on-year. Sales within Michelin’s truck tyre business, its Road Transportation segment, were 4.3 per cent lower year-on-year.

In addition, Michelin sold 3.6 per cent fewer tyres in the nine months to 30 September 2023 than it did a year earlier, but didn’t report any concrete figures beyond this. As a reason for this decline, the manufacturer cites “market destocking” and the group’s “priority focus on value-accretive segments.” With volumes down, the increase in sales was mainly due to price effect, which Michelin puts at 6.2 per cent.

Michelin traditionally does not report profit figures for the first and third quarters, and this is also the case in 2023. The Q3 2023 also gives no further insight into Michelin’s plans regarding its production facilities in Germany.

Click here for more detailed information about Michelin’s activities and latest financial results.