Michelin: 2019 earnings up 4.2%
(CercleFinance.com) - Tyre maker Michelin has announced 2019 sales of 24,135 million euros, up 9.
6% y-o-y.
Operating profit from Sectors came in at 3,009 million euros, or 12.5% of sales, against 2,775 million euros and 12.6% in 2018. Meanwhile, net income amounted to 1,730 million euros, up 70 million euros (+4.2%).
Free cash flow was 1,142 million euros at 31 December 2019. The group said that in 2018 this was heavily impacted by the acquisitions of Camso and Fenner, as well as the creation of the TBC joint venture with Sumitomo Corporation.
Overall, Michelin expects lacklustre performance at its divisions in 2020, which will be either flat or down slightly (OE).
The group expects operating profit from Sectors to slip slightly, at constant FX, while it forecasts Free Cash Flow of over 1.5 billion euros, excluding the impact of the Coronavirus from China.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
6% y-o-y.
Operating profit from Sectors came in at 3,009 million euros, or 12.5% of sales, against 2,775 million euros and 12.6% in 2018. Meanwhile, net income amounted to 1,730 million euros, up 70 million euros (+4.2%).
Free cash flow was 1,142 million euros at 31 December 2019. The group said that in 2018 this was heavily impacted by the acquisitions of Camso and Fenner, as well as the creation of the TBC joint venture with Sumitomo Corporation.
Overall, Michelin expects lacklustre performance at its divisions in 2020, which will be either flat or down slightly (OE).
The group expects operating profit from Sectors to slip slightly, at constant FX, while it forecasts Free Cash Flow of over 1.5 billion euros, excluding the impact of the Coronavirus from China.
Copyright (c) 2020 CercleFinance.com. All rights reserved.