Michelin keeps 2014 targets as first-half profits rise
PARIS (Reuters) - Michelin first-half net profit rose 13 percent to 624 million euros (493 million pounds) despite declining sales, the French tyre maker said, as lower raw material costs helped offset weaker emerging-market currencies, price cuts and slowing demand for big tyres.
Operating income before non-recurring items was 1.159 billion euros, up from 1.153 billion and slightly below the 1.19 billion middle of an 11-strong range of analysts' forecasts. Sales fell to 9.673 billion euros from 10.159 a year earlier.
The company confirmed its 2014 financial targets, including the planned improvement of sales volumes by 3 percent, even though volumes only rose 1.9 percent in the first half.
(Reporting by Andrew Callus; Editing by James Regan)
