Pirelli: stock upbeat after 9m results
(CercleFinance.com) - Pirelli shares are up over 3% in Milan, following the publication of a net profit of E371.
1m for the first nine months of 2024, with an adjusted EBIT margin improved by 0.5 point to 15.7% on virtually stable revenues (+0.5%) at E5.18bn.
On an organic basis, sales rose by 4.9%, with the Italian tyre maker pointing to a strengthening of the 'high-value' share to 76% of the total from 74% a year earlier, a trend that benefited both volumes (+2.2%) and the price-mix (+2.7%).
Pirelli therefore confirms its targets for FY 2024, i.e. an expected adjusted EBIT margin of around 15.5%, and forecast revenues of the order of E6.7bn (i.e. the middle of its target range provided in August).
Copyright (c) 2024 CercleFinance.com. All rights reserved.
1m for the first nine months of 2024, with an adjusted EBIT margin improved by 0.5 point to 15.7% on virtually stable revenues (+0.5%) at E5.18bn.
On an organic basis, sales rose by 4.9%, with the Italian tyre maker pointing to a strengthening of the 'high-value' share to 76% of the total from 74% a year earlier, a trend that benefited both volumes (+2.2%) and the price-mix (+2.7%).
Pirelli therefore confirms its targets for FY 2024, i.e. an expected adjusted EBIT margin of around 15.5%, and forecast revenues of the order of E6.7bn (i.e. the middle of its target range provided in August).
Copyright (c) 2024 CercleFinance.com. All rights reserved.