MILAN, Italy (March 15, 2013) — Continuing to focus on the premium tire market, Pirelli & C. S.p.A. said it expects to increase sales by 4-5 percent to as high as $8.28 billion for 2013.
In its financial report for 2012, the Italian manufacturer said it achieved record profitability last year because of its focus on premium products and improving efficiencies. Pirelli said its net profits, before non-recurring impacts, rose 27.4 percent to $515.4 million, while revenues climbed 7.4 percent to $7.86 billion.
Pirelli said its earnings before interest and taxes (EBIT) increased 34.2 percent compared to 2011, and its EBIT margin climbed to 12.9 percent, up from 10.3 percent at the end of 2011.