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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