CLERMONT-FERRAND, France—Despite geopolitical and economic headwinds, Michelin is adapting and moving steadily forward, posting solid first-half results even as global tire volumes slipped.
Consolidated sales eclipsed $13.54 billion during the first half of 2022, marking an 18.7-percent increase over the same period a year earlier. Meanwhile, operating income rose 7.7 percent to $1.28 billion, reflecting an operating margin of 11.5 percent. Net income was down 18.3 percent to about $858 million.
First-half EBITDA stood at $2.47 billion, while free cash flow before acquisitions came in at negative $1.03 billion. The half ended, Michelin said, with a free cash flow of negative $975 million, compared to the positive $408 billion a year earlier. The company cited the impacts of inflation and value of inventories as the reason for this, but noted it expects to see a turnaround in the second half, given the historically strong performance it has seen during the second semester.