Pirelli: lowers guidance due to 'prolonged' weakness in dema
(CercleFinance.com) - Italy's Pirelli, one of the world's largets tyre makers, on Wednesday lowered its full-year sales guidance, due to prolonged weakness in demand in the auto market.
Revenues in 2019 are now expected to grow by between 3% and 4%, compared to a previous forecast range of 4% to 6%.
Many analysts expect sector conditions will remain "adverse" until the third quarter of 2019.
In the first three months of the year, revenues reached 1.31 billion euros, up 1.2% in organic terms.
Net profit from continuing operations rose by 9.7% to 101.4 million euros, on adjusted Ebit that is up at 219.2 million euros, from 218.4 million euros in the same period of 2018.
Its shares are currently down around 0.3%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Revenues in 2019 are now expected to grow by between 3% and 4%, compared to a previous forecast range of 4% to 6%.
Many analysts expect sector conditions will remain "adverse" until the third quarter of 2019.
In the first three months of the year, revenues reached 1.31 billion euros, up 1.2% in organic terms.
Net profit from continuing operations rose by 9.7% to 101.4 million euros, on adjusted Ebit that is up at 219.2 million euros, from 218.4 million euros in the same period of 2018.
Its shares are currently down around 0.3%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.