Groupe Michelin reported a year-over-year drop in sales for the first half of 2014, but still posted increased net profits.
The tiremaker said its first half sales came in at $13.19 billion, down slightly from 2013’s $13.22 in sales. First half net profit rose to $836 million for the period, compared to $659.5 million.
Michelin said its drop in sales was due to price cuts and declining demand for high-dollar products. Lower raw material costs improved its net profit picture, Michelin said. Still, Michelin said it will meet its 2014 forecasts.