PARIS (dpa-AFX) - French tire maker Michelin Cie Des Estb (MGDDY.PK, MGDDF.PK) reported that its net sales for the first quarter of 2018 dropped 6.3 percent to 5.218 billion euros from 5.567 billion euros.
The company said it recorded slight decline in the Passenger car, Light truck and Truck tire markets. The strong demand for specialty tires continued.
Price-mix effect improved 3.4%, led by disciplined price management, while volumes declined 2.3%.
Michelin confirms its 2018 targets of volume growth in line with global market trends, operating income from recurring activities exceeding the 2017 figure at constant exchange rates, and structural free cash flow of more than 1.100 billion euros.
Copyright RTT News/dpa-AFX