Pirelli tyre posts 10-year high in earnings

Milan, Italy-Pirelli SpA, led by its resurgent tyre division, reported a 42-percent jump in 2004 operating profit and a 6.9-percent sales gain.

The tyre sector reported a 14-percent rise in pretax operating income to $565.2 million (Euro 431 million)-the best earnings performance in 10 years-as sales grew 11.5 percent to $4000 million, raising the earnings/sales ratio to 14.1 percent.

The sales gain was a mix of improved shipments-up 8 percent over 2003-and improved pricing and product mix, “thus confirming the focus on high-performance segments,” Pirelli said.

Pirelli reported…

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