Michelin net income up 1.6% y/y to USD2.03 billion
French tire-maker expects volume growth in line with global market trends in 2018
Michelin’s net income increased 1.6% year-over-year (y/y) to EUR1.69 billion (USD2.03 billion as on 31 December 2017) in the financial year ended 31 December 2017, the French tire-maker said in a press release on 12 February. Net sales increased 5% y/y to ERU21.96 billion, driven by higher volume and favorable price-mix effect, partially offset by unfavorable foreign exchange translations. Despite higher net sales, the company witnessed 5.7% y/y decline in operating income to EUR2.63 billion. However, operating income from recurring activities improved 1.8% y/y to EUR2.7 billion.
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