The tyre manufacturer reported revenues of 1.915 billion euros (down 19.1%) in the first half of the year. During the period, EBITDA fell 0.6% to 146.5 million euros, however second quarter EBIT actually grew 0.5 percentage points to 85.5 million euros (margin: 8.6%). Analysts described this as “one of the best performances in the industry.”
According to Deutsche Bank key positives for the tyre division were: “positive price and mix effect (+6%% despite negative volumes confirming pricing discipline in the industry…[and] positive raw material prices…which almost offset a still very negative volume effect (-13% in the second quarter after -18% in the first quarter).
Looking at the results of the Pirelli Group as a whole, financial analysts at Deutsche Bank commented that the company published “a good set of results, slightly above…consensus.” The group reported second quarter revenues of 1.1 billion euros, (-12%); and EBIT before restructuring costs of 72 million euros (-12%). (Tyres & Accessories/Staffordshire, U.K.)