Pirelli's Financial Results Are Positive Through 3 Quarters

Posted on November 21, 2017

Pirelli & Cie SpA posted net income of 123.6 million euros on revenues of 4 billion euros through the first nine months of fiscal 2017 ended Sept. 30. That compares to income of 16.7 million euros on sales of 3.7 billion euros for the same period last year.

Based on the exchange rate on Sept. 30, 2017, Pirelli recorded net income of  $104.6 million on net sales of $3.4 billion for the first nine months of fiscal 2017. Its income-to-sales ratio was 3%.

The nearly 9% increase in revenue year-over-year reflected the company's focus on the high value segment. The increase benefitted from a 6.5% increase in price/mix; in the third quarter alone, Pirelli's price/mix was up 7.3%.

"The results for the first nine months are in line with the strategy defined in the 2017-2020 industrial plan," said the company. In particular, they reflect:

* the reinforcement of Pirelli at the high end with the progressive reduction of its exposure to the standard segment;

* the consequent improvement of the price/mix component;

* the further reinforcement of partnerships with 'prestige' and 'premium' car makers;

* the increasing "high value" production capacity;

* the increasing of distribution coverage in Europe, NAFTA, Apac (Asia-Pacific) and Latin America; and

* "the ongoing development of business programs that intercept the new needs of the end customer, such as Cyber and Velo."

Pirelli's full-year outlook is positive: a 9% increase in revenues, "with the weight of high value above 57%" (it was 55% at the end of 2016).

Related Topics: NAFTA, Pirelli financials

Comments ( 0 )
More Stories
News Cardone Extends Deadline to Enter Tech Video Contest

Cardone Industries Inc. has extended the deadline to enter its tech video competition to Jan. 31, 2018. The contest will award $5,000 to the top original video showing the installation or service of an under-the-hood or under-the-car automotive part.

Toyo says the M588 is a value alternative for severe-use vehicles.
News Toyo M588 Is Designed for Heavy-Duty On- and Off-Road Use

The M588 heavy duty on/off-road drive tire from Toyo Tire U.S.A. Corp. is built for severe service applications, such as oil, gas, mining and logging operations.

Bridgestone and Nashville leaders celebrated the grand opening of the company's headquarters and the extension of the company's naming rights for Bridgestone Arena, home of the Nashville Predators. From left are Predators executives Sean Henry, CEO and president, and Thomas Cigarran, co-owner and chairman, and Bridgestone Americas executives Chris Karbowiak, chief administrative office and executive vice president, and Godon Knapp, president and CEO.
News Bridgestone Officially Opens New Headquarters and Extends Arena Partnership

Bridgestone Americas Inc. officially opened its new headquarters in Nashville, Tenn., and announced the city’s professional sports and entertainment venue will continue to be called Bridgestone Arena through 2025.

Be the First to Know

Get the latest news and most popular articles from MTD delivered straight to your inbox. Stay on top of the tire industry and don't miss a thing!