Park Ha Biological Technology stock rises on upcoming ticker symbol change
Investing.com -- Michelin reported a 4.4% year-on-year fall in group sales for the nine months to September 30, 2025, as a more challenging third quarter, particularly in North America, weighed on performance.
Sales totaled €19.3 billion, the company said Wednesday. Michelin ADRs are down over 2% following the report.
The French tiremaker revealed that overall volumes declined 5.5%, led by a 9% contraction in truck tire sales, including a more than 30% drop in Original Equipment demand.
The pace of decline in North America accelerated during the third quarter, while other regions saw modest growth.
Michelin cited a “more competitive environment” and the impact of low-cost tire imports, especially in the replacement market.
In passenger car and light truck tires, global Original Equipment demand rose 2%, driven by China, but fell sharply in Europe and North America.
Replacement tire demand was broadly stable, edging up 1%. Truck tire markets outside China fell 4% overall, with demand in North America plunging 20%.
The company said its price effect remained favourable but had “noticeably softened in recent months,” while currency movements, particularly a weaker U.S. dollar, reduced sales by 2.3%.
Michelin revised its 2025 guidance earlier this month.
It now expects segment operating income at constant exchange rates between €2.6 billion and €3.0 billion, down from a previous target above €3.4 billion. Free cash flow before acquisitions is forecast between €1.5 billion and €1.8 billion, versus prior guidance of above €1.7 billion.
The group confirmed its 2024–2026 cumulative free cash flow goal of €5.5 billion, but said its 2026 segment operating income ambition “will not be met.”