Pirelli: cuts revenue guidance due to Covid-19

(CercleFinance.com) - Pirelli, one of the world's biggest tyre makers, cut its 2020 revenue guidance on Monday because of the economic impact of the Covid-19 pandemic.


The Italian company said it now expects full-year revenues of between 4.3 billion and 4.4 billion euro, with total volumes falling by between 18% and 20%.

Pirelli had previously expected token growth of up to 1%.

Its net financial position at end-2020 has been confirmed at around -3.3 billion euros, with net cash generation forecast between 230 million and 260 million euros this year, when integrating its cancelled dividend payment.

Indeed, Pirelli has decided to cancel the payment of the dividend for 2019, scrapping the proposed payout of 0.183 euro per share, meaning a total of 183 million euros.

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