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Pirelli confirms outlook after quarterly operating income tops forecasts despite weaker markets

By Reuters News

MILAN, Nov 5 (Reuters) - Italian tyre maker Pirelli's PIRC.MI third-quarter operating income rose 2.1% as sales of higher-priced products and cost-cutting measures offset inflationary pressure and lower sales volumes, it said on Thursday.

  • Pirelli's adjusted earnings before interest and tax (EBIT) were €283 million ($320 million) for the quarter, slightly topping a company-provided analyst consensus of €275 million

  • Pirelli said the result was also supported by exchange rates and cost containment measures to mitigate the impact of the Middle East crisis

  • The company confirmed its 2026 forecasts set earlier this year, despite a worsening of wider market conditions, but added it now expected revenue of between €6.85 billion and €6.95 billion, the upper end of its previously announced range of €6.75 billion to €6.95 billion.

  • The forecast for the full-year adjusted EBIT margin was confirmed at around 16%

  • In the third quarter, revenue grew 3% year-on-year, with the EBIT margin narrowing to 15.9% from 16.3% a year earlier

($1 = 0.8880 euros)

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