Pirelli & Cie SpA achieved revenues of 6.5 billion euros for the full year of 2007, a 34.4% increase over 2006. Revenues for the company's Pirelli Tyre division hit 4.1 billion euros, a 5.4% increase over previous year levels.
"The increase in revenue was driven by greater volumes, despite the non-brilliant performance of the winter tire segment in western Europe in the fourth quarter, and especially by price mix, thanks to the greater focus on high value added segments," say Pirelli officials.
Pirelli Tyre's operating income for 2007 totaled 358 million euros, up 4.6% over 2006 levels, thanks to volume increases, "combined with actions for greater productivity and cost containment."
The unit's net income was 210.5 million euros versus 199.3 million euros in 2006.
Pirelli officials report that the company's passenger and light truck tire business grew in North America "in a context of stable demand in replacement tires and falling demand in original equipment."
For 2008, they are forecasting "slightly improved" results over 2007.
