Michelin: profits melt, but raises dividend
(CercleFinance.com) - In the current global pandemic, Michelin's sales are expected to reach 20.
46 billion euros in 2020, down 15% y-o-y (24.13 billion euros), due to the fall in sales in the automotive, road transport and related specialties and distribution businesses.
The group's net profit reached 625 million euros, down 63% from 1.73 billion euros in 2019. EPS also fell sharply - crumbling from 9.69 euros to 3.52 euros in one year.
Despite this, Michelin's increased its dividend per share from 2 euros in 2019 to 2.3 euros in 2020.
For 2021, Michelin expects the Passenger Car and Light Truck market to grow by between 6% and 10% over the year, with growth in the Heavy Truck tyre market reaching 4% to 8%, while growth in the Specialty market is expected to reach between 8% and 12%.
In addition, the group has announced a FY operating profit target that exceeds 2.5 billion euros at constant exchange rates and a structural free cash flow of around 1 billion euros.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
46 billion euros in 2020, down 15% y-o-y (24.13 billion euros), due to the fall in sales in the automotive, road transport and related specialties and distribution businesses.
The group's net profit reached 625 million euros, down 63% from 1.73 billion euros in 2019. EPS also fell sharply - crumbling from 9.69 euros to 3.52 euros in one year.
Despite this, Michelin's increased its dividend per share from 2 euros in 2019 to 2.3 euros in 2020.
For 2021, Michelin expects the Passenger Car and Light Truck market to grow by between 6% and 10% over the year, with growth in the Heavy Truck tyre market reaching 4% to 8%, while growth in the Specialty market is expected to reach between 8% and 12%.
In addition, the group has announced a FY operating profit target that exceeds 2.5 billion euros at constant exchange rates and a structural free cash flow of around 1 billion euros.
Copyright (c) 2021 CercleFinance.com. All rights reserved.