Michelin H1 net income drops 8% y/y to USD939.5 million
Company reaffirms 2019 full year guidance
Michelin’s net income dropped 8% year-over-year (y/y) to EUR844 million (USD939.5 million) in the first half ended 30 June 2019, the French tire-maker said in a press release on 25 July. The company’s operating income dropped slightly, by EUR2 million, to EUR1.35 billion. Micheline reported lower earnings despite 11.1% y/y increase in sales to EUR11.8 billion. Higher sales helped the company to record segment EBITDA of EUR2.3 billion, up 15.7% y/y.
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