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Pirelli posts first quarter declines

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Pirelli & Cie SpA posted sales of 1 billion euros on total consolidated net income of 1.1 million euros for the first quarter of 2009 vs. sales of 1.19 billion euros and net income of 62.4 million euros during the same period in 2008.

Revenue for the company's Pirelli Tyre unit totaled 926.9 million euros, down 13.9% from the first quarter of 2008. First quarter net income for the unit totaled 14.6 million euros vs. 57.7 million euros during the same period last year.

Pirelli officials believe the second quarter will be better thanks to expected declines in the cost of raw materials, as well as "benefits linked to a decrease in warehouse stock, already significantly underway."

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