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Michelin FY17 Profit Rises

French tire maker Michelin Cie Des Estb (MGDDY.PK,MGDDF.PK) reported Monday that its fiscal 2017 net income increased to 1.69 billion euros from 1.68 billion euros last year. Earnings per share were 9.39 euros, higher than 9.21 euros a year ago.

Net sales rose to 21.96 billion euros from 20.91 billion euros a year ago.

Operating margin on recurring activities narrowed to 12.5 percent from 12.9 percent a year ago.

Sales growth was driven by a 2.6 percent increase in volumes and favorable price-mix effect.

Looking ahead to 2018, Michelin's expects volume growth in line with global market trends, operating income from recurring activities exceeding the 2017 figure at constant exchange rates, and structural free cash flow of more than 1.1 billion euros.

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