PARIS (dpa-AFX) - French tire maker Michelin (MGDDF.PK, MGDDY.PK) said its first quarter sales fell 2.4% to €4.76 billion from €4.88 billion a year ago.
A 3.4% increase in volumes was more than offset by 4.6% negative currency effect due to a stronger euro and a 1.1% negative impact from the price-mix.
With tire demand rising as fast as expected in the first quarter of 2014, except in Eastern Europe, Michelin maintained its objective of around a 3% increase in volumes over the full year.
The company also confirmed its 2014 objectives of an increase in operating income before non-recurring items.
Copyright RTT News/dpa-AFX