May 14, 2019 / 4:10 PM / 2 months ago

REFILE-Pirelli cuts FY sales guidance due to weakness in original equipment segment

(Adds dropped time reference in the third paragraph)

MILAN, May 14 (Reuters) - Italian tyremaker Pirelli cut its guidance for full-year sales on Tuesday due to a prolonged weakness in the original equipment segment, though adjusted operating profit matched forecasts in the first quarter.

Pirelli, which makes tyres for Formula One racing teams and premium automakers like BMW and Audi, said revenues would grow this year between 3% and 4%. It had previously forecast a growth rate for its sales of between 4% to 6%.

Adjusted operating profit (EBIT) before start-up costs was broadly unchanged at 230.7 million euros ($258.7 million) in the first quarter compared with the same period of 2018. Analysts expected it to come in at 219 million euros, according to a consensus provided by the company.

The company added its adjusted operating profit margin would equal or exceed 19% this year, versus a previous guidance at around 19%. ($1 = 0.8919 euros) (Reporting by Giulio Piovaccari; editing by Francesca Landini)

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