Pirelli eyes high-end forecast for full-year EBIT margin

A tyre produced by the Italian company Pirelli is on display at a dealership in Moscow·Reuters
Reuters
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MILAN (Reuters) - Italian tyre-maker Pirelli said on Thursday its full-year guidance for adjusted earnings before interest and tax (EBIT) margin is expected to reach the high-end of its forecast at 15.5% to a bigger contribution from price and product range.

Pirelli's adjusted EBIT came in at 276.5 million euros ($298.23 million) in the April-June period up 2.7% year-on-year, topping a 271 million euro analyst consensus provided by the company.

The company, the sole supplier of tyres for Formula One cars, posted a 2.6% hike in second-quarter net profit at 130.9 million euros.

($1 = 0.9271 euros)

(Reporting by Giulio Piovaccari and Romolo Tosiani; Editing by David Evans)