MILAN, Italy (Feb. 28, 2005) — Pirelli S.p.A., led by its resurgent tire division, reported a 42-percent jump in 2004 operating profit and a 6.9-percent sales gain.
The tire sector reported a 14-percent rise in pre-tax operating income to $565.2 million—the best earnings performance in 10 years—as sales grew 11.5 percent to $4 billion, raising the earnings/sales ratio to 14.1 percent.
The sales gain was a mix of improved shipments—up 8 percent over 2003—and improved pricing and product mix, “thus confirming the focus on high-performance segments,” Pirelli said.
The company did not disclose any geographic breakdown or forecast for 2005.
Pirelli reported consolidated operating profit of $472 million on sales of $8.86 billion.