Pirelli Triples 9-month 2010 Net Income to 164.1 million euros

Pirelli & C Spa reports that it tripled net income to 164.1 million euros during the first three quarters of 2010 from 50 million euros in the first nine months 2009. At the consolidated level, revenues to 30 September 2010 totalled 3,703.4 million euros, an increase of 18.9 per cent compared with 3,114.7 million euros in the first nine months of 2009.

EBIT to 30 September 2010 including restructuring charges of 12.4 million euros (28.1 million 30 September 2009) was 309.6 million euros, an increase of 69.7 per cent from 182.4 million euros in the same period of 2009. The margin as a percentage of revenues (8.4 per cent) shows a significant improvement from the 5.9 per cent recorded in the first nine months of 2009. In the third quarter, in particular, the operating result (EBIT) including restructuring charges was 116.2 million euros, growing 82.7 per cent from 63.6 million euros in the third quarter of 2009, with the margin as a percentage of revenues rising to 9.1 per cent from 5.8 per cent.

Tyre operations

The revenues of Pirelli Tyre to 30 September 2010 totaled 3,559.1 million euros, an increase of 20.3 per cent compared with 2,958.6 million euros in the same period of 2009. On a like-for-like basis, growth in the first nine months was 16.7 per cent, with a positive contribution coming from both volumes (+8.6%) and the price/mix component (+8.1%), while foreign exchange brought an increase of 3.6 per cent.

Overall, there was significant growth in both  the consumer and industrial business segments. In the consumer segment, the increase in the first nine months of the year was 16.9 per cent (+16.5% in the first quarter, +19.1% in the second quarter and +15.1% in the third quarter). In the industrial segment, the increase was 28.8 per cent (+28.4% in the first quarter, +32% in the second quarter and +26.1% in the third quarter).

The gross operating result (Ebitda) before restructuring costs was 496.9 million euros, an increase of 29.8 per cent compared with 382.8 million euros on 30 September 2009, with a margin as a percentage of sales equal to 14.0 per cent (12.9% on 30 September 2009). In the third quarter, in particular, Ebitda amounted to 173.0 million euros (142.0 million euros in the third quarter 2009), with the Ebitda margin rising to 14.0 per cent compared with 13.6 per cent in the same period in 2009.

Related News:

• Pirelli Signs European Road Safety Charter

• Analysts Welcome Pirelli Broadband Sale, Expect Aggressive Capital Investment

• Pirelli Sells Broadband Business to ADB for 30 million euros

• Michelin 9-month Sales up 20%