Pirelli & C. S.p.A. (PIRC.MI)

Pirelli's third-quarter operating profit rises above forecasts

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.