PARIS—Michelin rebounded strongly from a troubled 2020 to report solid double-digit gains in fiscal 2021 earnings and revenue, although both fell slightly short of the pre-pandemic fiscal 2019 results
Operating income for the year ended Dec. 31 rose 57.9 percent to $3.51 billion on 16.2 percent higher revenue of $28.1 billion, yielding an improved operating ratio of 12.5 percent (versus 9.2 percent in 2020). Net income rose nearly tripled over 2020 to $2.18 billion.
Michelin attributed the sales gain to a strong rebound (11.8 percent) in tire volumes, as demand turned sharply upward in every tire market. Replacement tire sales were also lifted by dealer inventory rebuilding throughout the year, the company said.