Milan, Italy - Pirelli Tyre SpA reported a 5.5-percent increase in operating income for the first nine months of fiscal 2007 on 8-percent higher sales and and improved product mix.
For the nine months ended 30 Sept, Pirelli Tyre reported pre-tax operating profits of €286 million on sales of €3192 million. Net income was up 4.2 percent to €160 million.
Both of Pirelli Tyre's business units-consumer and commercial tyres-grew more than 6.5 percent in the period, with the firm's North American businesses reporting double-digit sales growth in a flat to down market.
Pirelli said the increased sales volumes and better product mix more than compensated for the negative effects of the strengthening euro-dollar exchange rate to yield the improved earnings. Sales in Q3 alone were up 7 percent, Pirelli said.
From Tyre Business (A Crain publication)
Press release from Pirelli