High-value tire sales keep Pirelli on-track

Milan, Italy – Pirelli has posted a 0.8% year-on-year increase in third quarter sales to €1,737.0 million, or 5.5% organic growth excluding foreign exchange effects.

The increased revenues reflected a 3.0% increase in volumes helped by “marked” growth in sales of high-value products, as product-mix improved 2.5%, the group reported 7 Nov.  

Earnings (adjusted EBIT) for the three months to 30 Sept lifted 4.4% year-on-year to €276.8 million on improved volumes, price/mix and efficiencies, said the Italian tire  maker.

For the first nine months of 2024, revenues at €5,184.5 million edged up 0.5% year-on-year, as 4.9% organic growth offset a 4.4% dent in sales due to foreign exchange developments.

Again, Pirelli pointed to a “further strengthening” in sales of high-value tires, which represented 76% of sales, up two percentage points on the level seen in the first nine months of 2023.

Over the first three quarters, Pirelli saw volumes increase by 2.2% overall, while the Milan-based group also noted a contribution from a 2.7% improvement in product-mix.

An adjusted Ebit of €815.9 million, represented year-on-year growth of 4.3% during the first nine months of 2023: linked by Pirelli to a “solid commercial performance and efficiencies.”

Encouraged by the “solid operating performance, notwithstanding the difficult external context,” Pirelli confirmed its previously issued forecasts for full-year 2024.