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Michelin’s Income Climbs 19%
Michelin & Cie. reports its operating income before special items grew to €2.6 billion ($2.9 billion) in 2015 from €2.2 billion in the previous year.
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Michelin & Cie. reports its operating income before special items grew to €2.6 billion ($2.9 billion) in 2015 from €2.2 billion in the previous year.
All segments beat industry sales averages, led by a 7% jump in demand for car and light-truck tires. The company’s operating margin grew to 12% in the second half of the year. Margins for the period gained nearly 3% points each for light tires (to 12%) and truck tires (to 11%).
For 2016, Michelin predicts rising demand for its tires in mature markets and flat growth elsewhere. The tiremaker targets operating margins before special items in 2016-2020 at 11%-15% for light tires and 9%-13% for truck tires. The company aims to increase margins on specialty tires, such as those used on mining equipment, to 24% from 19% last year.
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