May 14, 2018 / 4:08 PM / a year 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

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