2Q09 REPORTING SEASON: PIRELLI OVERPERFORMES THE INTERNATIONAL TYRE SECTOR
For the second quarter in a row, Pirelli recorded one of the best operating performance in the International tyre sector.
In a difficult market environment, impacted by the economic crisis, Pirelli limits the revenues slow down in 2Q09 (-9.2% vs. -21% of the sector) thanks to the favorable geographic positioning as well as the year over year price mix improvement (+5.2%). Moreover, Pirelli is one of the few players that significantly improved its performance versus the 1st quarter 2009 (+6.6% the top line increase vs. 1Q09).
On profitability, Pirelli is the only player -besides Continental- to record a positive trend reaching an 8.6% Ebit margin in 2Q09, +0.5pp vs. 2Q08 thanks to the raw material cost reduction and to efficiency/savings related to the restructuring program launched in 2008.
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Dear team,
Could you please explain the main reasons for the outperformance trend in revenues in 2Q09 versus the peer group?
Lorna
Very intersting comparison. Many thanks
George
Dear Lorna,
Thank you for your question. Pirelli performance in 2Q09 reflects:
1) our geographic positioning (approx.50% of our sales are made in emerging countries less exposed to the economic crisis)
2) the increase of market share in all major markets with no negative change to our price/mix level
Best regards,
Pirelli Investor Relations
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