Earnings up, but Pirelli lowers sales forecast on S America slump

Milan, Italy – Decline in South America has prompted Pirelli C. & SpA to revise down its full-year revenue projections to €5.2 billion – compared with a prior estimate of €5.4 billion.

For the nine months to end of September, the Italian tiremaker posted a year-on-year 2.8% drop in net sales to €3.92 billion, mainly due to the 11.2% reduction of volumes in the standard tire segment.

Earnings (adjusted EBITDA before start-up costs) for the nine-month period rose 8.2% to €936.3 million, said a Pirelli financial release…

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