Currency impact hits Pirelli sales, earnings still up

Milan – Pirelli & C. SpA has seen first-quarter sales hit by an exchange rate impact of -7.3%, although profitability increased.

Sales fell 2.2% to €1.31 billion for the three months to the end of March, largely due to the strength on the euro against the dollar.

A 7.2% improvement in price/mix and 13.4% growth in ‘high-value’ product sales were not enough to offset the currency effects.

Volumes in total fell 1.5%, including a 10.6% decline in standard tires and 12.8% rise in high value segment.

This trend, said…

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