Pirelli reduced net profit

Pirelli has released the results of the first three quarters of 2024, according to which the company's revenue grew by 0.5% compared to the same period last year and amounted to 5.184 billion euros. At the same time, net profit decreased from 411 to 371.1 million euros.

As recently noted by Pirelli's CEO, Andrea Casaluci, at the moment, despite the difficult situation in the automotive sector, the company does not plan to close any of its plants. According to him, Pirelli has already carried out restructuring in 2018-2019, and is now modernizing its enterprises, primarily in Europe and South America.

In the third quarter of 2024, Pirelli's revenue was 1.773 billion euros, which is 0.8% more than a year earlier. Net profit decreased from 168.4 to 139.8 million euros. The company emphasized that EBIT profit grew by 4.4% to 276.8 million euros, exceeding analysts' forecasts (270 million euros).

In 2024, Pirelli continued to increase the share of tires with a diameter of 18 inches or more in sales, which now stands at 76%, while a year earlier it was 74%.

Pirelli confirmed its forecast for 2024, specifying that the expected revenue is 6.6-6.8 billion euros, as mentioned in August, and 6.7 billion euros.