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As of 2:04 AM 04/17/14 All times are local (Market data is delayed by at least 15 minutes).

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03/12/14 - €10.27
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pirelli & c.-rsp (PIL2) Details

PIRELLI & C. Società per Azioni designs, develops, manufactures, and markets tires for automobiles, industrial vehicles, and motorcycles worldwide. It operates in two segments, Consumer and Industrial. The Consumer segment offers tires for automobiles, sport utility vehicles, light commercial vehicles, and motorcycles. The Industrial segment provides tires for buses, heavy trucks, agricultural machinery, and steel cord, an element used for creation of radial tires. In addition, it operates in waste-to-fuel and photovoltaic renewable energy sectors and in environmental clean-up; diesel vehicle and heating plant emissions control technology sector; and a fashion design project supporting the tire business focusing on the premium and prestige segment. The company was founded in 1872 and is headquartered in Milan, Italy.

37,979 Employees
Last Reported Date: 03/27/14
Founded in 1872

pirelli & c.-rsp (PIL2) Top Compensated Officers

Chairman, Chief Executive Officer, Chairman...
Total Annual Compensation: €3.1M
Chief Financial Officer and Corporate Financi...
Total Annual Compensation: €501.0K
Group General Counsel and Chief of Corporate ...
Total Annual Compensation: €800.9K
Planning and Control Manager
Total Annual Compensation: €452.0K
Compensation as of Fiscal Year 2012.

pirelli & c.-rsp (PIL2) Key Developments

Pirelli Announces Earnings Results for the Year Ended December 31, 2013; Provides Consolidated Earnings Guidance for the Fiscal 2014

Pirelli announced earnings results for the year ended December 31, 2013. For the year, the company reported sales revenues rose 1.2% year on year to EUR 6.15 billion (USD 8.47 billion). Operating income fell by 0.2% year over year to EUR 791 million, while net income fell by 21.7% year over year to EUR 303.6 million. The company also noted that it has reduced its capital expenditure (capex) by 12.3% year over year to EUR 413.1 million. The small growth in Pirelli's net sales in 2013 was primarily due to the adverse effects of currency fluctuations, although was helped by tyre volume gains in fast growth markets. The company's operating profit was positively impacted by growth in volumes, favorable price mix, lower raw material prices, and higher production efficiencies, but was offset by higher restructuring costs. Pirelli's net profit was also hampered by the economic slump in the Eurozone and an increase in financial charges which cropped up from high debts during the first half of the year. For 2014, the company expects its consolidated sales to reach EUR 6.2 billion. Earnings before interest and tax (EBIT), exclusive of restructuring costs, are projected to reach EUR 900 million. The company will make investments below EUR 400 million in 2014, while the company expects to generate cash flow of EUR 250 million (USD 344.2 million) before dividend distribution during the year.

Pirelli & C. SpA Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Confirms Earnings Guidance for the Full Year of 2014

Pirelli & C. SpA reported consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net sales of EUR 1,496.3 million compared to EUR 1,497.4 million a year ago. Operating income was EUR 209.3 million compared to EUR 191.7 million a year ago. Pre-tax income was EUR 106.7 million compared to EUR 118.7 million a year ago. Total net income was EUR 48.4 million compared to EUR 88.2 million a year ago. Capital expenditure was EUR 174.8 million compared to EUR 143.5 million a year ago. Net operating cash flow was EUR 697.8 million compared to EUR 658.4 for the same period in the last year. The fourth quarter of 2013 was particularly strong, in line with seasonality of cash cycle and brought net debt down by almost EUR 680 million. For the year, the company reported net sales of EUR 6,146.2 million compared to EUR 6,071.5 million a year ago. Operating income was EUR 791.0 million compared to EUR 792.5 million a year ago. Pre-tax income was EUR 516.9 million compared to EUR 589.8 million a year ago. Net income attributable to owners of the company was EUR 303.6 million or EUR 0.622 per share compared to EUR 387.1 million or EUR 0.793 per share a year ago. Capital expenditure was EUR 413.1 million compared to EUR 470.9 million a year ago. The net cash flow from operations' management in 2013 was positive EUR 720.1 million, a marked improvement from the EUR 281.1 million of the corresponding 2012 period, essentially due to the better management of working capital above all in the second quarter. The results were positively impacted by the contributions from volumes (EUR 98 million plus) and price/mix EUR 47 million plus), the lower cost of raw material EUR 136 million plus) and gross efficiencies (EUR 74 million plus), which covered higher production costs, including amortizations. The operating result was further impacted by restructuring charges of EUR 25.5 million (EUR 39.1 million on December 31, 2012) linked to the ongoing rationalization of structures. The company confirmed earnings guidance for the full year of 2014. In light of the performance in the last quarter of 2013 and in the first months of 2014, the company confirms the 2014 targets indicated last November in terms of: EBIT at EUR 900 million before restructuring costs of EUR 50 million, investments below EUR 400 million and cash generation before dividends above EUR 250 million. In absolute terms, the company confirm EBIT targets of about EUR 850 million, up a fraction of cost of about EUR 250 million. The EBIT targets reflects additional forex transmission but a benefit from better mix and a EUR 45 million in lower raw material headwind. There are no changes in cash flow guidance.

Pirelli to Propose Distribution on Ordinary Share and Savings Share, Payable on June 19, 2014

Pirelli announced that its Board of Directors to propose the distribution of a EUR 0.32 dividend for each ordinary share and EUR 0.39 for each savings share to the shareholders' meeting. This is in line with the 2013 dividend, with payout ratio of 4:3 [ph] on net income, excluding the impact of equity participations. Dividends will be paid on June 19, 2014, the coupon detachment on June 16.


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Valuation PIL2 Industry Range
Price/Earnings 18.5x
Price/Sales 0.9x
Price/Book 2.4x
Price/Cash Flow 18.1x
TEV/Sales -- Not Meaningful

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