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Pirelli shows improvement in first quarter

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Pirelli shows improvement in first quarter

Pirelli & C. SpA achieved revenues of 1.2 billion euros during the first quarter, a 16.2% improvement over the same period in 2009, on earnings before interest and tax of 91.7 million euros, up 95.9% from 1Q 2009.

Meanwhile, Pirelli's consolidated net profit in 1Q 2010 was roughly the same as its consolidated net profit in 1Q 2009: 38.9 million euros vs. 39.2 million euros, respectively.

Pirelli's tire business achieved 1.1 billion euros in sales during the first quarter, 19.8% higher than sales achieved during the same period in 2009, on earnings of 98.1 million euros, a 60.8% increase over 1Q 2009 earnings.

The company's consumer tire sales grew 16.5% from 1Q 2009, while earnings for the segment totaled 69.5 million euros vs. 41.9 million euros in 1Q 2009. "The quarter was characterized by significant rates of recovery in all geographic areas of reference, both in the original equipment channel and in the replacement channel," say Pirelli officials.

Pirelli is forecasting total revenues of between 4.9 billion euros and five billion euros for 2010 and more than 10% growth for its tire segment "if markets maintain their positive trend."

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