Michelin reports strong profits in 2010

ERJ staff report (DS)

Paris — Michelin has reported strong growth in sales and profits for the 12 months ended December 2010. The company demonstrates its confidence int he recovery by committing euro 1600 million to capital projects in 2011, sending its cashflow temporarily negativethis year.

Net sales jumped by over 20 percent to euro 17 891 million from euro 14 807 million. Operating income doubled to euro 1695 million from euro 862 million, raising the operating margin to 9.5 percent, compared with 5.8 percent a year…

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