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Michelin Sales Up, Earnings Down
Michelin & Cie. reports its revenue in the first half of 2018 climbed 11% to €11.9 billion ($13.1 billion), thanks to favorable exchange rates, a richer sales mix gains in sales to the mining industry.
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Michelin & Cie. reports its revenue in the first half of 2018 climbed 11% to €11.9 billion ($13.1 billion), thanks to favorable exchange rates and a richer sales mix and growth in sales to the mining industry.
Operating income in January-June was flat at €1.3 billion ($1.5 billion). But net income fell 8% to €844 million ($941 million), and net debt surged 78% to €6.7 billion ($7.4 billion).
Michelin’s sales of tires for passenger vehicles and light trucks declined 2% in the first half of 2019. The company says as a 7% drop in sales to vehicle manufacturers offset a 1% gain in the replacement market.
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