Restructuring costs hit Michelin's HI profits hardJuly 24, 2013 @ 11:40 pm
PARIS (AP) - Tire maker Michelin SA says its first-half profits slumped 45 percent as restructuring costs weighed on earnings amid flat demand in key markets.
Michelin said Thursday it made a net profit of 507 million euros in the first half, down from 915 million euros a year earlier. Earnings were dented by a 250 million euro restructuring charge.
Michelin CEO Jean Dominique Senard said the performance was in-line with full-year goals. For example, operating profit before restructuring costs was stable.
Sales fell slightly to 10.2 billion euros, as demand in the second quarter picked up after a weak start to the year. Europe in particular saw an end to destocking by carmakers, pushing up demand 4 percent in the second quarter after an 11 percent slide in the first quarter.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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