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Michelin: H1 2020 loss of E137m

(CercleFinance.com) - Michelin's sales amounted to 9,357 million euros over the first six months of 2020, down 20.
6% compared to the same period in 2019.

Operating income of segments amounted to 310 million euros, or 3.3% of sales, compared to 1,438 million euros and 12.2% in the first half of 2019. The group made a net loss of 137 millions euros.

"Passenger car and Light truck tire markets are expected to decline by 15% to 20% over the year and Truck tire markets by between 13% and 17%. Given the relative resilience of certain segments, the Specialty markets are expected to contract by 13% to 17%," the group said.

"Michelin's objectives are to deliver full-year segment operating income in excess of E1.2 billion at constant exchange rates and structural free cash flow* of more than E500 million, barring any new systemic impact from Covid-19".


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