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Michelin Hikes Operating Slips 3%
Michelin & Cie. reports its operating income declined 3% to €2.6 billion ($2.9 billion). Sales revenue was flat at €22 billion ($25 billion).
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Michelin & Cie. reports its operating income declined 3% to €2.6 billion ($2.9 billion). Sales revenue was flat at €22 billion ($25 billion).
When adjusted for exchange rates, operating income and revenue for the privately held company climbed 11% and 4%, respectively, last year.
The French tiremaker says it unit sales advanced 1% in 2018 after rebounding from a downturn in the first quarter. Original-equipment sales to carmakers dipped 2%. But replacement sales gained 1%.
Michelin predicts modest growth in replacement car and light truck tires and but fewer sales of original-equipment tires. The company expects stable demand for commercial truck tires and “dynamic” growth for aircraft, mining and two-wheel markets.
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