ERJ staff report (LMH)
Clemont-Ferrand, France – Michelin has posted 2012 operating income of Euro 2.4 billion, up 25 percent year-on-year, despite a drop in volumes of 6.4 percent.
The French tire maker reported sales of Euro 21.4 billion in 2012, up 3.6 percent from Euro 20.7 billion in 2011, while net income rose 7.5 percent to Euro 1.57 billion. Operating margin was 11.3 percent, up from 9.4 percent in 2011.
Michelin said its strong performance in “lacklustre markets” reflected its efficient pricing policy, structurally high margins in speciality tyres (26 percent, up from 21.5 percent in 2011) and restored profitability in its truck tire business, where margins increased to 6.6 percent from 3.5 percent in 2011, despite a sharp market contraction.
The company said in a 12 Feb statement that it expects to hold volumes steady in 2013, “in a market environment that is uncertain in mature markets but still expanding in the new ones.” Michelin said for 2013 it expects to report a stable operating income .
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Press release from Michelin