Michelin’s net income rises 24% in 2 years.
Despite a drop in net sales of about 2%, Group Michelin says its tyre volumes in the first half of 2016 beat the market in every segment. Passenger and light truck tyres were the leaders, with a 4% increase over the same period a year ago.
Michelin recorded net sales of almost 10.3 billion euros, down 2% from 10.5 billion euros in the first half of 2015. Net income increased almost 8.8%, to 769 million euros, from 707 million euros a year ago. Since 2014 Michelin’s net income has jumped 23.2%.
The tyre maker’s income-to-sales ratio was 7.5% for the first six months of 2016, period ended June 30, 2016.