Pirelli lifts sales, income in first half of year
The financial results for the first six months of published by Pirelli & C. SpA yesterday show a 6.4 per cent year-on-year rise in net sales in the period to 30 June, with sales amounting to €3.2 billion. Organic growth accounted for 3.2 per cent of this increase. Pirelli’s consumer business enjoyed year-on-year growth of 10.2 per cent, while revenues for the industrial business declined 5.2 per cent.
Operating income (EBIT) increased 4.8 per cent to €446.6 million, while the operating margin contracted from 14.3 per cent in the first half of 2014 to 14.1 per cent. Net profit rose 10.0 per cent to €211.4 million.
European revenues were up 3.9 per cent year-on-year in the first half of 2015 and accounted for 34.5 per cent of Pirelli’s total €3.2 billion tyre revenues. Second quarter revenues rose 5.6 per cent thanks to the good performance of Pirelli’s premium business (global volumes of these products rose 10.4 per cent compared with 2014 half-year) and due to price/mix improvements. Profitability was in the “low teens” in the first half of the year and comparable with the result a year earlier.
Full details of Pirelli’s first-half 2015 results can be read in our company profiles and reports section.