Pirelli posts higher sales, earnings for Q1

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…

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