Michelin H1 Operating Margin Beats, But Net Income Misses Estimates
Michelin's first-half operating margin came in at 11.4%, beating the 11.3% consensus, while net income of €766M fell significantly short of the €977M estimate.
MICP.PA
Michelin reported mixed first-half results, with a slight beat on an operating level but a large miss on the bottom line.
- Operating margin: 11.4% vs 11.3% estimate.
- Segment operating income: €1.45B vs €1.44B estimate.
- Revenue: €12.69B vs €12.74B estimate.
- Net income: €766M vs €977M estimate, a miss of over 20%.
The revenue came in marginally below forecasts, while the sharper profit shortfall suggests higher costs or one-off charges not captured in the operating margin beat. The market reaction will likely focus on the net income miss.
Source: First Squawk