Despite "sharp market contraction," Groupe Michelin saw its 2012 sales and net income rise.
2012 sales came in at $28.35 billion, up year-over-year from $26.83 billion, while net income grew 7.4% to $2.14 billion. Those results came even as tire unit sales were down 6.4% YoY, the company reported.
"Given its global footprint, Michelin expects to hold volumes steady in 2013, in a market environment that is uncertain in mature markets but still expanding in the new ones," said Michelin in a statement.