Italy’s Pirelli said this week it expected full-year 2023 revenue within the range of EUR 6.6 billion to EUR 6.8 billion, which would at least match the result from last year.
The tire maker’s total revenue came in at EUR 6.62 billion in 2022, while exceeding an estimate of EUR 6.5 billion that was set in November.
Pirelli’s adjusted earnings before interest and taxes (EBIT) went up to EUR 977.8 million in 2022 from EUR 815.8 million in 2021. The result was underpinned by higher pricing and other measures that offset rising raw material and other costs, the company said.
The automotive industry has been grappling with a variety of issues such as the impact of the COVID-19 pandemic and the war in Ukraine coupled with parts shortages and logistics-related bottlenecks.
As of 9:21 GMT on Thursday the shares of Pirelli & C SPA (PIRC) were gaining 4.68% (EUR 0.2250), while snapping a two-day streak of losses, to trade at EUR 5.0300 in Milan.
The tire maker’s total market cap now stands at EUR 5.057 billion.
The shares of Pirelli & C SPA went down 34.45% in 2022, compared with a 13.31% loss for the benchmark index, FTSE MIB (FTMIB).
The company’s shares have risen 25.62% so far this year.
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