The French tire manufacturer announced that it made a net profit of 1.98 billion euros in 2023, compared to 2 billion euros the previous year.

After the company reported mostly flat profits for 2023, it announced a share buyback. Michelin recorded a revenue decline of just under 1% to 28.34 billion euros.

The Figures Match the Expected Profit of 1.98 Billion Euros and Revenue of 28.51 Billion Euros According to Visible Alpha Consensus.

Compared to the previous year, Michelin's operating income for 2023 has dropped by 12% to 2.65 billion euros. The company stated that the mix of products and pricing had offset unfavorable market conditions and that revenue from non-tire products had increased by 10%.

For 2024, Michelin aims to achieve more than 3.5 billion euros in segment-related operating income at constant exchange rates and to generate more than 1.5 billion euros in reported cash flow before acquisitions.

Moreover, it announced to initiate a share buyback of up to 1 billion euros in the period from 2024 to 2026. In addition, the company has announced a dividend of 1.35 euros for the year 2023, an increase of 8% compared to 2022.