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Michelin profit holds mostly steady YOY in H1

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Michelin profit holds mostly steady YOY in H1

Michelin said its normalized net income for the first half came to €4.26 per share, compared with the S&P Capital IQ consensus estimate of €4.54 per share.

EPS increased year over year from €4.08.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €770.6 million, compared with €767.1 million in the prior-year period.

Total revenue rose 7.5% on an annual basis to €11.06 billion from €10.29 billion, and total operating expenses grew 8.5% from the prior-year period to €9.72 billion from €8.96 billion.

Reported net income grew 9.4% from the prior-year period to €856.3 million, or €4.73 per share, from €783.0 million, or €4.17 per share.