ERJ staff report (BC)
Milan, Italy – Pirelli & C. S.p.A. reported 4.2 percent better operating profit in the second quarter on 8.8 percent higher sales, as unit sales – especially premium tires and in emerging markets – rose a similar amount, according to Tire Business.
Pirelli reported operating income of €193.6m on sales of €1.53 billion. Net income fell 21.8 percent to €75.2m.
Pirelli attributed the earnings improvement to a combination of higher volumes, better price/mix, higher productivity and a drop in raw materials costs.
On the sales side, Pirelli noted a 3 percent increase in replacement market sales, with above-average growth in premium tires and in South America, China and NAFTA.