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Michelin 2016 net income increased to 1.68 billion euros

Staff Writer |
Michelin reported that its fiscal 2016 net income increased to 1.68 billion euros from 1.16 billion euros last year.

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Earnings per share were 9.21 euros, higher than 6.28 euros a year ago.

Operating margin on recurring activities increased to 12.9 percent from 12.2 percent a year ago.

Net sales, meanwhile, dropped to 20.91 billion euros from 21.20 billion euros a year ago.

Volumes grew 2.1%, outperforming the markets. Passenger car and Light truck tires went up 3%, Truck tires grew 1%, while Specialty businesses volume was down 1%. In the fourth quarter, volumes grew 4.2%.

Further, the company proposed a dividend of 3.25 euros per share, which will be submitted to shareholders at the Annual Meeting on May 19.

Looking ahead, the company expects 2017 to be another year of growth, in line with the Group's 2020 objectives.

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