Pirelli beats forecasts in Q2, raises FY sales target, Auto News, ET Auto
MILAN – Italy’s Pirelli beat expectations and raised its forecast for full-year revenues on Thursday after operating profit rose 21% in the second quarter despite the negative impact of rising production costs.
Pirelli, the sole supplier of Formula One tyres, said its adjusted earnings before interest and tax (EBIT) came at 253 million euros ($258 million) in the April-June period, topping a company-provided analyst consensus of 238 million euros.
The tyremaker guided for revenues between 6.2-6.3 billion euros in 2022, versus a previous forecast of between 5.9-6.0 billion euros. ($1 = 0.9791 euros)