PARIS (dpa-AFX) - French tire maker Michelin Cie Des Estb (MGDDY.PK, MGDDF.PK) Tuesday said first-half net income increased to 624 million euros from 507 million euros. Earnings per share were 3.28 euros compared to 2.72 euros last year.
Net sales fell to 9.673 billion euros from 10.159 billion euros.
Jean-Dominique Senard said: 'In a competitive environment that persisted hrough the first half, Michelin met its objective of delivering a further improvement in its performance, with a nearly €200-million increase in operating income at constant scope of consolidation and exchange rates.'
For 2014, Michelin maintained its view that volumes will increase by around 3 percent, in line with projected 2014 market growth.
The group confirmed its objectives of higher operating income before non-recurring items at constant exchange rates, a more than 11 percent return on capital employed and structural free cash flow of more than 500 million euros along with a capital expenditure program maintained at around 2 billion euros.
Copyright RTT News/dpa-AFX