MILAN, Italy (Aug. 4)—Pirelli S.p.A. reported improved first-half financial results on "increasingly good" tire division results and despite turmoil in the cable sector. Tire division operating earnings rose 14.4 percent to $141 million, shoring up the group's earnings, which edged up 3.2 percent to $309 million, despite a loss in the telecommunications cable sector. Tire sector sales inched up slightly to $1.68 billion, although Pirelli said the increase would have been closer to 14 percent when the exchange rate fluctuation is factored out. Tire tonnage sales were up 8 percent, the company said. Management expects the tire and energy cables sectors to continue improving throughout the second half and the telecom cables business to break even by the fourth quarter.
Pirelli posts better first-half earnings
Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].