Pirelli Reports Strong Q3 Operating Profit

(Reuters) – Italian tyre maker Pirelli announced on Thursday that its operating profit exceeded expectations in the third quarter, driven by increasing volumes, an improved product mix, and operational efficiencies.

The company reported that adjusted earnings before interest and tax (EBIT) grew by 4.4% in the quarter, reaching 276.8 million euros ($2.99 billion), surpassing the analyst consensus of 270 million euros.

Pirelli also confirmed its guidance for 2024, refining its revenue outlook for the full year to approximately 6.7 billion euros, down from its previous forecast of 6.6 to 6.8 billion euros made in August.

($1 = 0.9266 euros)