ERJ staff report (DS)
Milan, Italy - Aside from the turmoil over its management structure, Pirelli reported healthy results for the three months to 31 March 2012. However, the company reduced its forecasts for the full year.
The company now expects full year sales to reach 6450 million euros, down from the previous estimate of euro 6600 million, but an increase of 14 percent on the 2011 figures. The company has cut its investment budget by 10 percent, to euro 500 million, from a previous plan of euro 560 million.
Consolidated revenues on in the period totaled euro 1,556.5 million, an increase of 11.1 percent compared with 1,400.9 million euro in first quarter 2011. The consolidated operating result after restructuring charges was 209.4 million euro, with an increase of 46.1 percent compared with 143.3 million euro in first quarter 2011
For the Tyre activities, which represent almost all (99 percent) group sales, the quarter registered a further increase in sales (+11.4 percent to 1,542.6 million euro) and a further increase in profitability which reached the record level of 14 percent compared with 11 percent in the same period of 2011.
With regard to the Premium segment, in particular, in the first quarter of 2012 revenues grew 29.2 percent compared with the same period a year earlier in 2011 to 584.4 million euro, and in the Car business represented 52.6 percent of the total, with an increase of over five percentage points compared with 47.4 percent in the same period of 2011.
Pirelli said, â€œIn a market context discounting the global economic slowdown, these results were achieved thanks to the continual improvement of the sales mix - increasingly focused on Premium products.â€
This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.
Press release (results) from Pirelli
Press release (Shareholders meeting) from Pirelli