Pirelli increases revenues, EBIT and margin in 2Q
Pirelli reports that the company closed the first half of 2012 with revenues of 3,021.8 million euros, an increase of 8.3 per cent compared with the 2,789.3 million euros published for the same period in 2011.
Pre-tax profits (EBIT) after restructuring charges came in at 400.7 million euro, an increase of 38.1 per cent compared with 290.1 million euros in the first half of 2011. This means the company reported an EBIT margin of 13.3 per cent, an improvement of almost 3 percentage points compared with 10.4 per cent in the first half of 2011. Not only was this an improvement, but it also beat expectations by about 5 per cent.
Pirelli is said had a particularly strong wind in its sales in the second quarter of 2012. In particular, revenues rose 5.5 per cent to 1,465.3 million euros, with EBIT up 30.3 per cent to 191.3 million euros.
However the group’s net financial position on 30 June 2012 was negative to the tune of 1,702.7 million euros compared with negative -1,305.0 million euros on 31 March 2012. The variation during the quarter includes dividend payments of 132.3 million euros, the 106.2 million euro acquisition of retail chains Campneus in Brazil and Däckia in Sweden, and the outlay of 77.6 million euros for the company’s Long Term Incentive (LTI) plan, for the 3-year period between 2009 and 2011.