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Michelin Profit Climbs 8%
Michelin & Cie. netted €1.6 billion last year compared with €1.5 billion in 2011 as revenue rose 4% to €21.5 billion
But unit sales fell 6%, and the tiremaker expects no improvement in volume this year.
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Michelin & Cie. netted €1.6 billion last year compared with €1.5 billion in 2011 as revenue rose 4% to €21.5 billion
But unit sales fell 6%, and the tiremaker expects no improvement in volume this year.
Annual operating earnings, adjusted to exclude one-time items, jumped 27% year over year in 2012 to €2.5 billion. Michelin predicts such income will be flat this year. Operating return on sales grew to 11.3% in 2012 from 9.4% a year earlier.
The company's unit sales in Europe slid 5% for original-equipment tires and 10% for replacements last year. Michelin is responding by reducing debt, restructuring its heavy-duty truck tire unit and expanding in other regions.
The company says capital spending increased 17% to €2 billion last year and will remain high as it builds plants in China, India and the U.S.
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