PARIS (dpa-AFX) - French tire maker Michelin Cie Des Estb (MGDDY.PK, MGDDF.PK) reported that its first-quarter sales increased 11.3 percent to 5.8 billion euros from last year's 5.22 billion euros. Sales increased 9.3% at constant exchange rates, led by a robust price-mix and a strong contribution from newly acquired businesses.
Volumes for the quarter were down 0.5%.
Automotive & related distribution sales edged up 0.2 percent to 2.79 billion euros.
The company noted that the global Original Equipment and Replacement Passenger Car and Light Truck tire market contracted by 2% in the first quarter, due to the 8% fall in Original Equipment demand.
Further, the company confirmed its 2019 targets of volume growth in line with global market trends. The company also continues to expect segment operating income exceeding the 2018 figure at constant exchange rates and before the estimated 150 million euros contribution from Camso and Fenner.
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