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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Pirelli & C. S.p.A.    PIRC   IT0005278236

PIRELLI & C. S.P.A.

(PIRC)
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Italy's Pirelli trims margin guidance on mixed outlook

11/11/2020 | 12:35pm EST

MILAN, Nov 11 (Reuters) - Italian tyre-maker Pirelli on Wednesday lowered its margin forecast for this year, citing continuing uncertainty in light of the second wave of the COVID-19 pandemic.

The manufacturer of tyres for Formula One and high-end carmakers such as BMW and Audi said the 2020 market outlook had improved in the North America and Asia-Pacific regions.

"But the outlook (is) cautious for Europe because of recent anti-COVID measures following the resurgence of the pandemic," it said in a statement.

The group guided for a 2020 full-year margin on its adjusted earnings before interest and tax (EBIT) of 11.5-12%, against a twice-trimmed previous forecast of 12-13%, to account for the impact of exchange rates, raw materials and other costs.

In the third quarter, however, operating profit was above expectations.

Pirelli said its adjusted EBIT stood at 231.7 million euros ($272.5 million) in the July-September period, down from 244.5 million euros a year earlier, beating a company-compiled analyst consensus of 206 million euros.

The company's cost competitiveness plan and actions to counter the COVID-19 context are in line with forecasts announced in May, Pirelli said.

Pirelli's adjusted EBIT margin fell to 16.7% in the third quarter, from 17.7% in the same period last year. ($1 = 0.8502 euros) (Reporting by Giulio Piovaccari Editing by David Goodman)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AUDI AG -0.61% 1630 End-of-day quote.0.00%
BMW AG -0.81% 68.95 Delayed Quote.-3.79%
FORMULA ONE GROUP -0.45% 39.73 Delayed Quote.-6.74%
PIRELLI & C. S.P.A. -0.56% 4.407 Delayed Quote.-0.07%
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Financials
Sales 2020 4 215 M 5 110 M 5 110 M
Net income 2020 79,3 M 96,1 M 96,1 M
Net Debt 2020 3 346 M 4 057 M 4 057 M
P/E ratio 2020 54,7x
Yield 2020 1,05%
Capitalization 4 430 M 5 350 M 5 371 M
EV / Sales 2020 1,85x
EV / Sales 2021 1,59x
Nbr of Employees 30 154
Free-Float 45,2%
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Technical analysis trends PIRELLI & C. S.P.A.
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 4,60 €
Last Close Price 4,43 €
Spread / Highest target 24,2%
Spread / Average Target 3,77%
Spread / Lowest Target -21,0%
EPS Revisions
Managers and Directors
NameTitle
Marco Tronchetti Provera Executive Vice Chairman & Chief Executive Officer
Angelos Papadimitriou Co-Chief Executive Officer & General Manager
Gao Ning Ning Chairman
Andrea Livio Donato Casaluci General Manager-Operations
Francesco Tanzi Chief Financial Officer & Executive Vice President
Sector and Competitors