Pirelli's third-quarter operating profit rises above forecasts
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FILE PHOTO: Formula One F1 - Azerbaijan Grand Prix - Baku City Circuit, Baku, Azerbaijan - April 27, 2019 General view of Pirelli tyres REUTERS/Maxim Shemetov/File Photo
(Reuters) - Italian tyre maker Pirelli said on Thursday its operating profit rose more than expected in the third quarter, thanks to growing volumes, product mix and efficiencies.
The company said adjusted earnings before interest and tax (EBIT) grew 4.4% in the quarter to 276.8 million euros ($2.99 billion), higher than 270 million euros in an analyst consensus provided by the company.
Pirelli confirmed its guidance for 2024, narrowing its outlook on full-year revenue to about 6.7 billion euros from between about 6.6 and 6.8 billion it had forecast in August.
($1 = 0.9266 euros)
(Reporting by Alessandro Parodi, editing by David Evans)
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