ERJ staff report (LMH)
Milan, Italy - Pirelli has posted sales of Euro 1265.8 million in the first nine months of 2011, up 17.9 percent year-on-year. Earnings (EBIT) were Euro 451.2 million, up 46.8 percent. Profitability rose to 10.6 percent from 8.5 percent, the company said in an 8 Nov results report. Net profit was Euro 251.3 million, up 56.8 percent.
In the tyre business, Pirelli reported sales of Euro 4225.7 million, up 18.7 percent compared with the first nine months of 2010. Earnings (EBIT) were Euro 484.4 million, a 44.9 percent rise from 2010. Profitability in the sector was a â€œrecordâ€ 11.5 percent, Pirelli said.
Pirelli revised its 2011 sales target down to â€œbelowâ€ Euro 5.8 billion from previous targets of â€œaboveâ€ this figure. Pirelli tyre revenue was revised to about Euro 5.7 billion, down from â€œabove Euro 5.8 billion.â€ Pirelli attributed this revision to the negative effect of exchange rates, volume reductions and reduction of sales of lower profit products, as well as the slowdown in truck demand in the EMEA region.
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Press release from Pirelli