Michelin (MGDDF.PK, MGDDY.PK) Monday said first-quarter sales declined amid weak market environment in Europe in the passenger car and light truck tires segment.
Group revenues declined 8.1 percent to 4.88 billion euros from 5.30 billion euros in the prior-year quarter.
The passenger cars and light truck tires segment recorded sales of 2.58 billion euros, down 6.5 percent from 2.76 billion euros.
Truck tires and related distribution segment sales dropped 7.9 percent to 1.48 billion euros from 1.60 billion euros last year.
The company's specialty business segment, comprising of the earth-mover, agricultural, two-wheel and aircraft tires had sales of 818 million euros, down 13 percent from 940 million euros last year.
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