MILAN, Italy (Nov. 12, 2007) — Pirelli Tyre S.p.A. reported a 5.5-percent increase in operating income for the nine months ended Sept. 30 on 8-percent higher sales and improved product mix.
Pirelli Tyre reported pre-tax operating profits of $417.9 million on sales of $4.66 billion. Net income was up 4.2 percent to $233.6 million.
Both of Pirelli Tyre´s business units — consumer and commercial tires — grew more than 6.5 percent in the period, with the firm´s North American businesses reporting double-digit sales growth in a flat to down market.
Pirelli said the increased sales volumes and better product mix more than compensated for the negative effects of the strengthening euro-dollar exchange rate to yield the improved earnings. Sales in the third quarter alone were up 7 percent, Pirelli said.