Michelin reports 6% rise in net income for H1 2018
Michelin has reported a 6.3 per cent year-on-year rise in net income for the first half of 2018. Net income of 917 million euros for the six months to 30 June 2018 represents earnings per share of 5.12 euros.
Operating income from recurring activities was down 4.7 per cent to 1.33 billion euros, however the tyre maker points out that at constant exchange rates this figure represents an 11 per cent increase. Net sales decreased 4.1 per cent year-on-year to 10.60 billion euros.
“Thanks to the commitment of all its teams, Michelin not only rolled out a new, closer to the customer organisation during the first half of 2018, but also delivered a noteworthy 152-million-euro improvement in operating income at constant exchange rates,” states Jean-Dominique Senard, chief executive officer of Michelin. “Deployment of the Group’s strategy will pick up speed in 2018, with the acquisition of Fenner, the creation of a leading North American wholesaler in partnership with Sumitomo Corp., and the projected acquisition of Camso, which will create the world leader in off-the-road mobility.”
For the full year, Michelin confirms its targets of volume growth in line with global market trends, operating income from recurring activities exceeding the 2017 figure at constant exchange rates, and structural free cash flow of more than 1,100 million euros.
Additional details about Michelin’s H1 2018 financial results can be read here.