Michelin Earnings Rebound Strongly In 2010

PARIS (AP) - French tire maker Michelin SCA says its net profit rebounded strongly in 2010 from a year earlier, when the global economic downturn caused car markets to slump.

Michelin says it made ¿1.05 billion ($1.43 billion) last year, up from ¿104 million in 2009.

The tire maker says in a statement Friday that its tire sales grew 13.4 percent by volume last year thanks to rebounding car markets, helped by scrappage schemes in Europe and other developed markets.

Michelin forecast sales volumes growth would slow to 6.5 percent this year, but price increases to offset higher prices for rubber and other raw materials would help lift operating profit this year above the ¿1.7 billion made in 2010.