Michelin tire sales in the third quarter of 2021 are better than expected

According to the financial report released by Michelin Tire on the 25th, the company's total sales in the third quarter were 6 billion euros (about 6.
98 billion US dollars), higher than 5.
78 billion euros in the same period last year, and also exceeded analysts' previous expectations of 5.
8 billion euros
.
In the first nine months of this year, the company's cumulative sales were 17.
204 billion euros, an increase of 15.
6% year-on-year
.


The company said that part of the reason the performance exceeded expectations was the strong rebound in demand for agricultural machinery tires
.
Although sales were better than the same period last year, compared with the third quarter of 2019 before the pandemic, sales in the third quarter of this year still fell.
Sales in the same period in 2019 were 6.
12 billion euros
.


  The company’s chief executive, Florent Menegaux, said that despite the severe disruption in our supply chain and the sharp rise in energy and other costs, the group still released very solid results
.


  Michelin mentioned rising raw material costs and labor shortages in North America.
In addition, labor shortages have also appeared in some European regions
.
However, rising crop and metal prices have helped the company sell more tires for mining machinery and agricultural machinery
.


  Michelin said that although the demand for truck tires in most parts of the world has increased in the last quarter, the demand in China has dropped significantly
.
In 2020, the Chinese fleet completed the upgrade before the new emission regulations came into effect, and then the demand in this market dropped sharply
.