May 14, 2018 / 4:08 PM / 3 months ago

Pirelli Q1 EBIT up, confirms FY profitability targets

MILAN, May 14 (Reuters) - Italy’s Pirelli on Monday reported a 4.5 percent rise in first-quarter adjusted operating profit before charges and start-up costs, helped by strong demand for high-margin premium tyres.

The maker of tyres for Formula One racing teams and premium automakers such as BMW, Audi and Alfa Romeo , said adjusted earnings before interest (EBIT) rose to 229.4 million euros ($274.7 million), slightly above an analyst consensus of 224 million provided by the company.

It confirmed profitability targets for 2018.

Revenue is seen growing at least 9 percent on an organic basis, compared with a previous forecast of around 10 percent rise. Including currency effects, sales are seen rising around 4 percent, down from a previous guidance of at least 6 percent.

Revenue in the period rose 5.7 percent to 1.31 billion euros, in line with expectations.

$1 = 0.8352 euros Reporting by Stefano Rebaudo

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below