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Pirelli discloses third quarter results

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Pirelli discloses third quarter results

Pirelli & C. SpA finished the third quarter of 2009 with sales of 1.16 billion euros on income of 3.7 million euros vs. sales of 1.2 billion euros on a loss of 26.8 million euros during the same period in 2008.

Sales in the company's Pirelli Tyre division totaled slightly more than one billion euros, down 1.9% from 3Q 2008.  The unit enjoyed the benefits of lower raw material costs and "greater efficiencies from restructuring actions" during this past quarter, according to Pirelli officials.

"From an operational point of view, all this brought in the third quarter, as in the three preceding months, results showing better profitability compared with a year earlier. The third quarter for Pirelli Tyre registered operating cash flow that was positive for 218 million euros."

Looking ahead, company officials believe that barring "extraordinary events not predicatable as of today," Pirelli, as a whole, will achieve more than 4.3 billion euros in consoidated revenue.

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