French tyre group Michelin raises 2021 targets as demand rebounds

French tyre group Michelin raises 2021 targets as demand rebounds
French tyre group Michelin raises 2021 targets as demand rebounds Copyright Thomson Reuters 2021
By Reuters
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PARIS - French tyre maker Michelin raised its 2021 financial targets on Monday after a strong rebound in the tyre markets and gains in market share in the first half of the year despite global supply chain disruption owing to the COVID-19 pandemic.

Michelin said it now expects operating income to exceed 2.8 billion euros ($3.31 billion) this year at constant exchange rates, up from its previous forecast of more than 2.5 billion euros.

The company also expects free cash flow to reach more than 1 billion euros, up from about 1 billion euros.

It said that supply chain disruptions will still hit global tyre demand in the second half.

Michelin said sales rose by 19.6% in the first half to 11.19 billion euros while operating income edged up to 1.42 billion euros from 310 million euros a year earlier.

($1 = 0.8466 euros)

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