MILAN, Italy (May 12, 2006) — Pirelli & C. S.p.A. reported double-digit increases in operating income and sales in the first quarter on the strength of its tire business.
Pirelli Tyre reported a 12.1-percent rise in pre-tax operating profit to $179.2 million while sales jumped 16.1 percent to $1.21 billion on higher pricing and increased volume by both the consumer (passenger cars and motorcycles) and industrial (commercial vehicles) divisions.
Pirelli & C.'s pre-tax operating income jumped 18.6 percent to $203.6 million on 17.2-percent higher sales of $1.45 billion. Net income rose 22.4 percent to $110.6 million.
Net debt during the period tripled to $867.3 million on the effects of reorganization in advance of Pirelli's listing the tire business as a separate company.
Pirelli did not provide a regional breakdown of sales.