Volume and price-mix performance current keys to success of premium tyre brands
Michelin’s third-quarter 2022 sales outperformed consensus expectations by 3.9 per cent. Sharing its third-quarter 2022 financial results, Michelin confirmed its full-year 2022 adjusted pre-tax profit (EBIT) guidance, but it also reduced its free-cash-flow expectations by 0.5 billion euros. But much of the company’s relative success depends on its strong price-mix performance, a factor that is equally important to other premium tyre brands. Here, Tyres & Accessories reads Michelin’s recent third-quarter 2022 financial results in light of the consensus expectations and a recent investor’s note published by Jefferies.