News from Notch Consulting, Inc.

February 13, 2012

Michelin raises profit forecast based on boost in mining tires and strong pricing

Filed under: General, Tires — Notch @ 12:20 am

From Reuters:

Michelin SCA, the world’s No.2 tyremaker, raised its 2015 profit goal by a quarter, encouraged by demand from European and U.S. truckmakers, strong pricing and growth in outsize tyres for the mining industry.

The French company, which makes tyres for everything from bicycles to airliners, said net income rose 39 percent to 1.46 billion euros ($2 billion) in 2011, beating analysts’ expectations of 1.32 billion, on a 16 percent revenue increase to 20.72 billion.

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