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.