Michelin H1 profit up, sales down
Earnings per share were 4.24 euros, higher than 3.79 euros a year ago. Operating income from recurring activities grew to 1.405 billion euros, or 13.7% of net sales from last year's 1.262 billion euros or 12 percent of sales.
Net sales dropped to 10.292 billion euros from 10.497 billion euros in the prior year.
The company noted that passenger car and Light truck tire markets rose over the period, with replacement sales leveling off in the second quarter.
Volumes went up 2.5%, beating the market in every segment, rising 4% in Passenger car and Light truck tires and 1% in Truck tires. ■