Pirelli: stock up after interim results

(CercleFinance.com) - Pirelli shares are up over 1% in Milan, following the publication of a net profit down 5% to E231.
3m for H1 2024, but with an adjusted EBIT margin that improved 0.5 point to 15.6% on stable revenues of E3.45bn.

Sales rose by 4.6% in organic terms, with the Italian tyre maker pointing to a strengthening of the "high-value" share, at 77% of the total compared with 74% a year earlier, and price-mix effects of +2.8%, mainly thanks to an improved product mix.

Pirelli thus confirms its FY 2024 targets announced last March, with an adjusted EBIT margin expected at the upper end of its target range at 15.5%, thanks to a stronger contribution from the price-mix.


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