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.