Michelin Reports Lower Profit in 2006
Tire maker Michelin said Thursday it earned about $750 million or $5.20 a share in 2006, down from $1.17 billion or $8.04 in 2005.
Michelin cited higher costs to close plants and to purchase raw materials as the main reasons for the drop in profits. The France-based company reports its earnings in euros.Revenue rose to about $21.5 billion , up from about $20.5 billion in 2005, the company said.