(CercleFinance.com) – Pirelli gains 3% in Milan, the day after the publication of a net profit down 13% to 100 million euros for the first three months of 2024, but with an operating margin adjusted in improvement of 0.9 points to 15.5%, exceeding expectations.
‘This start of the year seems once again to confirm the good positioning of the tire manufacturer and its ability to take advantage of the still favorable momentum in the premium segment’, estimates Oddo BHF, which remains ‘neutral’ but raises its target from 5.5 to six euros.
At nearly 1.7 billion euros, turnover remained almost stable in raw data, but increased by 4.6% organically, thanks to a solid commercial performance, the Italian group also claiming efficiency gains.
Pirelli thus confirms its objectives for the whole of 2024, namely an adjusted operating margin of around 15 to 15.5%, as well as revenues of around €6.6 to €6.8 billion. euros and an after-tax ROIC of around 21%.
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