Pirelli again increases sales forecast
MILAN (dpa-AFX) – The Italian tire manufacturer Pirelli (PirelliC SiApA) has again increased its forecast for sales after strong business in the first nine months. The Continental competitor (Continental) is now expecting sales between 5.1 and 5.15 billion euros in the current year, according to a statement published on Thursday evening. The new range is thus slightly above the forecast range that was raised in summer. In 2020, the group had turned over 4.3 billion euros. A value between 15 and 15.5 (2020: 11.6) percent is expected for the margin based on earnings before interest and taxes (EBIT) adjusted for special effects.
In the third quarter, thanks to higher prices and an increased share of expensive products, sales rose by eleven percent to 1.4 billion euros. The operating result was 221 million euros, slightly above the previous year’s level. The margin was 15.7 percent. Sales and operating profit were thus slightly better than expected by experts.
On the stock exchange, the increased sales forecast and the numbers could provide a further boost in the share price. The Pirelli shares have increased by almost 27 percent since the end of 2020, roughly as much as the papers of the French competitor Michelin (Michelin (Compagnie Générale d Etablissements Michelin SCPA)). The shares of the German auto supplier Continental, for which tires contribute a little more than half of sales, fell slightly, on the other hand./zb/he