MILAN, Italy (May 11, 2004) — Pirelli S.p.A. expects its tire business to continue to report improved results this year following double-digit increases in operating income and sales in the first quarter.
Pirelli's tire unit reported operating income of $93.8 million in the three-month period ended March 31, up 13.6 percent from a year ago. Sales rose 12.5 percent, to $1.02 billion on an 11-percent increase in volume and improved pricing and product mix.
The unit's net profits were up 18.8 percent to $47.5 million.
Pirelli said it expects further improvements throughout the year because of growth in demand for high-performance tires in Europe, for truck tires in South America and overall growth in North America.