October 29, 2019 / 5:16 PM / 22 days ago

Pirelli cuts guidance for operating margins over inventories

MILAN, Oct 29 (Reuters) - Italian tyre-maker Pirelli on Tuesday cut its operating profit margin guidance for the second time this year, citing higher costs as it drew on inventories.

Pirelli said it forecast a full year margin on its adjusted earnings before interest and taxes (EBIT) between 17% and 17.5% versus an already lowered previous target of 18-19%.

In 9-month results, Pirelli said its adjusted EBIT before start-up costs stood at 714.4 million euros ($794 million), broadly in line with a market consensus provided by the company.

$1 = 0.9003 euros Reporting by Giulio Piovaccari

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