Italy’s Pirelli confirms guidance after Q1 operating profit tops estimates

By Thomson Reuters May 9, 2024 | 11:33 AM

(Reuters) – Italian tyre-maker Pirelli said on Thursday its adjusted operating profit rose 5.8% in the first quarter of the year, as the group benefited from efficiencies.

The company, the sole supplier of tyres for Formula One cars, said adjusted earnings before interest and tax (EBIT) came in at 262.2 million euros ($282.36 million) in the January-March period, topping a 257 million euro analyst consensus provided by the company.

Pirelli, which earlier this year updated its business plan to 2025, confirmed on Thursday its full-year 2024 forecasts for revenue between around 6.6 and 6.8 billion euros and for an adjusted EBIT margin between above 15 and 15.5%.

($1 = 0.9286 euros)

(Reporting by Enrico Sciacovelli, editing by David Evans)