Michelin (LTS:0OFM)
€ 30.7 -0.11 (-0.36%) Market Cap: 21.70 Bil Enterprise Value: 25.85 Bil PE Ratio: 11.57 PB Ratio: 1.22 GF Score: 77/100
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Q3 2023 Compagnie Generale des Etablissements Michelin SCA Corporate Sales Call Transcript

Oct 24, 2023 / 04:30PM GMT
Release Date Price: €27.56 (-0.92%)
Operator

Ladies and gentlemen, thank you, and welcome to the Michelin conference call. I now hand over to Mr. Yves Chapot, General Manager and Group CFO. Gentleman, please go ahead.

Yves Chapot;nÃ;rale des Ã;tablissements Michelin SociÃ;tÃ;en commandite par actions;Managing Partner
Compagnie GÃ;GM & CFO

©©©©- -

Thank you very much. Good evening, ladies and gentlemen. I'm very happy to share with you our Group sales figure for the third quarter of 2023 and update you regarding our full year on guidance.

So as you have probably seen in the presentation and in the press release, our sales are up 2% by EUR 21.2 billion, despite soft volumes and forex headwind, supported by our mix enhancement, our non-tire activities and our brand and technological leadership.

The market for the first 9 months are shaped by inventory drawdowns, particularly in Europe and North America, for Passenger car and truck tires particularly, and also BeyondRoad tires. So,

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