Michelin’s profits hit $1 billion against sales of $18.53 billion for the year.
The net profit result compared to 2004’s $777.5 million. Profit before nonrecurring items jumped 5% to $1.63 billion. Sales were up 3.6% vs. 2004.
Edouard Michelin, the company’s managing general partner, said in a statement that the company plans to step up its cost-cutting efforts while strengthening its focused growth strategy.