Pirelli posts revenue gains companywide, in tyre division

Milan - Pirelli & C. SpA posted a 10.8-percent increase in sales in the first quarter to $1.74 billion though net income was essentially flat at $75.1 million.

The firm's Pirelli Tyre division posted a 6-percent increase in revenues to $1410 million in the quarter as its net income fell 5.9 percent to $77.5 million. The division reported a 4.5-percent increase in its operating income, however, despite continuing increases in raw material costs, the firm said.

Pirelli Tyre's consumer business showed overall growth in sales and the bottom line, the company said, on greater volumes and improved product price and mix. Its car segment experienced continued growth in the high-performance tyre segment.

From Tire Business (A Crain publication)