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The Canadian Press - ONLINE EDITION

Michelin says restructuring costs hit earnings in 2013 as profit drops 28 per cent

PARIS - Tire maker Michelin SA says earnings slumped sharply last year as restructuring and falling prices hurt profitability.

Michelin said net profit fell 28 per cent to 1.13 billion euros ($1.5 billion), down from 1.57 billion in 2012.

Earnings were hit by around 260 million euros in restructuring costs as part of the company's bid to lift profitability by 2015. Last year profitability slumped to 11 per cent of sales, down from 11.3 per cent in 2012. Falling prices and volumes in the market for construction equipment and other specialty tires was behind the drop.

Profits were also squeezed by the strong euro, as much of the company's sales are made in dollars.

Sales fell 5.7 per cent to 20.2 billion euros, Michelin said in a statement Tuesday.

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