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French tyre group Michelin raises 2021 targets as demand rebounds

Reuters
·1-min read
FILE PHOTO: Michelin to cut up to 2,300 jobs over three years

PARIS (Reuters) - 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.

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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)

(Reporting by Gilles Guillaume; Writing by Matthieu Protard; Editing by David Goodman)