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May 17, 2019 12:00 AM

Pirelli posts higher sales, earnings for Q1

Shahrzad Pourriahi
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    Milan, Italy – Pirelli & C. SpA has seen its profitability grow in the first three months of the year, helped by improved price/mix and cost-reduction plans.

    In a 15 May financial statement, the Italian tire maker posted a 9.5% year-on-year increase in earnings (adjusted EBITDA) to €315.6 million, on 1.2% higher sales of €1.3 billion.

    Pirelli attributed the growth partially to a 7.7% improvement of price/mix, which offset higher materials costs, negative exchange rate impact and volumes declines.

    During the period, Pirelli achieved just under €30 million through industrial-efficiency and cost-reduction measures.

    In terms of sales, Pirelli saw a 5.3% increase in its ‘high-value’ tire revenue, to €895 million.

    With a 16.6% decline in volumes, standard tires registered a 6% drop in sales to €418 million.

    Total volumes decreased by 6.5%, with a negative impact of €37.7 million.

    Pirelli reported a year-on-year rise of €27 million in raw material prices and a €2.1 million negative currency impact for the quarter.

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