French tire manufacturer Michelin reported a 5.7% rise in third-quarter sales despite weaker demand in developed markets, and confirmed its full-year forecast for a "clear increase in operating income."
Michelin said sales in the three months from July through September grew to 5.4 billion euros ($7.1 billion), and sales gained 5.9% in the first nine months of the year to 16.1 billion euros.
The tire manufacturer said it managed to increase the value of its sales despite a 6.7% decrease in volumes, in part owing to gains in the value of the dollar against the euro.
For 2012 as a whole, Michelin confirmed its previous outlook, for "a clear increase in operating income before non-recurring items, with a 5% decrease in full-year sales volume."
The company expects a favorable impact of raw materials to boost the value of sales by 200 million to 300 million euros.
Copyright Agence France-Presse, 2012