Pirelli S.p.A. earnings fall, but tire business does well

MILAN, Italy (Feb. 19)—Growth in the tire sector during 2002 cushioned Pirelli S.p.A. from declines in its telecommunications and energy cables businesses, the company's preliminary annual results show. The Italian firm's tire operations posted sales of $3.5 billion, about 9 percent higher than in 2001, based on current exchange rates. In contrast, Pirelli reported a 10-percent decline in sales by its energy cables and systems business, to about $3.21 billion, and a 59-percent falloff in the telecom cables and systems sector, to $491,9 million. The company said its total its total earnings slid 28 percent to $3.05 billion on sales of $6.74 billion.