Raw material costs hit Michelin 2003 earnings

By Patrick Raleigh, ERJ On-line news editor

Paris-Groupe Michelin has posted a 6.7-percent drop in operating income to Euro1143 million, on 2003 sales of Euro15 370 million, 1.8 percent lower than the previous year.

Michelin blamed the lower earnings mainly on a 21-percent surge in raw material costs, which added around Euro320 million to costs. Healthcare, transportation, and currency factors added another Euro200 million to extra costs, said a 24 Feb group statement.

The performance equated to an operating margin of 7.4 percent, or 7.7 percent excluding…

To read more,please login or register below.

This is the first step to more free
content, user offers, subscriptions
and more.
Log in here using the Email Address
and Password you signed up with