Pirelli: Half-year profits up, estimates revised up

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Shares in Italian tire maker Pirelli rose 5.7% after it upgraded its full-year guidance and announced an increase in first-half earnings.

Pirelli said it revised its 2022 targets and now expects revenue of 6.2-6.3 billion euros, having previously given estimates of 5.9-6 billion euros.

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First-half profits amounted to 221.4 million euros from 123.1 million euros in the corresponding period of the previous year.

Analysts at Citigroup say the revised estimates indicate a 3%-4% upgrade to consensus estimates for earnings before interest and taxes.

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“Pirelli continues to demonstrate impressive pricing power and resilience in challenging markets,” Citi said.

Source: Capital

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