Pirelli: tyres flat despite 9m NI rising 14.4%

(CercleFinance.com) - Pirelli shares are down almost 2% in Milan today, following the tyre maker's 9m 2023 numbers, which included a 14.
4% rise in net income to E411m and a 0.2-point improvement in adjusted recurring operating margin to 15.2%.

The Italian tire maker posted sales of E5.16bn over the period, up 2.5% as reported and up 7.4% organically, thanks to price increases and an improved mix.

For 2023, Pirelli now targets an adjusted EBIT margin of around 15% (at the top end of the July target range) and sales of around E6.6bn (in the middle of its previous estimate range of around E6.5bn to E6.7bn).


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