Pirelli: 2019 results in line with expectations
(CercleFinance.com) - Pirelli has posted a 4% drop in 2019 operating profit on slightly higher revenue, citing a weak market context in which "competitive price pressure persists.
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Adjusted Ebit was 917.3 million euros, the Milan-based group said, down 4% from 955 million euros in 2018, as production costs rose and prices remained under pressure due to weak demand.
The Italian holding company said that the adjusted Ebit margin reached 17.2%, in line with the targets set out for the year (between 17% and 17.5%).
Revenues rose by 2.5% to 5.3 billion euros, compared with a target of 5.3 billion euros. Pirelli shares were up 0.3% at 4.1 euros after the report.
Pirelli shares were up 0.3% at 4.1 euros after the report.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
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Adjusted Ebit was 917.3 million euros, the Milan-based group said, down 4% from 955 million euros in 2018, as production costs rose and prices remained under pressure due to weak demand.
The Italian holding company said that the adjusted Ebit margin reached 17.2%, in line with the targets set out for the year (between 17% and 17.5%).
Revenues rose by 2.5% to 5.3 billion euros, compared with a target of 5.3 billion euros. Pirelli shares were up 0.3% at 4.1 euros after the report.
Pirelli shares were up 0.3% at 4.1 euros after the report.
Copyright (c) 2020 CercleFinance.com. All rights reserved.