Pirelli's U.S. unit posts $9.1 million in '01 earnings

MILAN, Italy (May 2)—Pirelli Tire L.L.C., Pirelli S.p.A.'s U.S. tire operating unit, was $9.14 million in the black last year, despite a 9.1-percent drop in sales to $158.5 million, according to information in Pirelli's annual report. The positive net result was a stark contrast to the $114.2 million loss reported in 2000, when the company accounted for the costs of closing its Hanford, Calif., tire plant. Pirelli blamed part of the sales decline to lost business with Sears, Roebuck and Co. and attributed its improved earnings to a better product mix, a spokesman said. The profit is only the second positive result in the past 12 years.