PARIS (dpa-AFX) - French tire maker Michelin Cie Des Estb (MGDDY.PK, MGDDF.PK) reported Tuesday that its first-half net income increased to 769 million euros from 707 million euros last year.
Earnings per share were 4.24 euros, higher than 3.79 euros a year ago.
Operating income from recurring activities grew to 1.405 billion euros, or 13.7% of net sales from last year's 1.262 billion euros or 12 percent of sales.
Net sales, meanwhile, dropped to 10.292 billion euros from 10.497 billion euros in the prior year.
The company noted that passenger car and Light truck tire markets rose over the period, with replacement sales leveling off in the second quarter.
Volumes went up 2.5%, beating the market in every segment, rising 4% in Passenger car and Light truck tires and 1% in Truck tires.
Regarding the share buybacks, the company said new 150 million euros tranche is scheduled for launch in the second half.
Further, Michelin said it is confirming its full-year targets of volume growth exceeding global trends in its markets, an increase in operating income from recurring activities at constant exchange rates, and structural free cash flow of more than 800 million euros.
Further, to achieve its objective of 1.2 billion euros profits by 2020, the company said it is going to focus efforts on four key matters: tires, tire services, mobility services and high-tech materials.
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