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Money News

Italy's Pirelli says 2020 outlook still mixed, beats consensus in third quarter

FILE PHOTO: Formula One F1 - Italian Grand Prix - Circuit of Monza, Monza, Italy - August 30, 2018 General view of Pirelli tyres REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - Italian tyre-maker Pirelli said on Wednesday the market outlook was still partially uncertain after posting higher-than-expected operating earnings in the third quarter and narrowing its margin forecast for this year.

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 APAC regions.

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

Pirelli said its adjusted earnings before interest and tax (EBIT) stood at 231.7 million euros ($272.5 million) in the third quarter, down from 244.5 million euros a year ago.

However that’s above a company-provided analyst consensus of 206 million euros.

($1 = 0.8502 euros)

Reporting by Giulio Piovaccari; editing by Agnieszka Flak

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