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REFILE-Pirelli FY profit meets expectations on strong premium tyre sales
February 12, 2015 / 5:02 PM / 3 years ago

REFILE-Pirelli FY profit meets expectations on strong premium tyre sales

(Fixes typo in fourth par)

MILAN, Feb 12 (Reuters) - Italy’s Pirelli, the world’s fifth-largest tyremaker, on Thursday reported full-year operating profit in line with expectations, as strong growth in its premium tyre division offset weakness in Latin America.

Pirelli, whose tyres equip motorcycles, cars and Formula 1 racers, said earnings before interest and taxes (EBIT) rose 6.8 percent to 838 million euros ($956 million), helped by its focus on more expensive products, a better price mix and efficiency measures.

Analysts were expecting a 837 million euro operating profit, according to a consensus provided by the company.

Revenues stood at 6.02 billion euros, down from 6.06 billion the previous year and compared with an analyst consensus of 6.05 billion euros.

Pirelli expects to grow revenues by up to 6.5 percent to around 6.4 billion euros this year and forecasts an EBIT, after restructuring costs, of around 930 million euros.

$1 = 0.8763 euros Reporting by Agnieszka Flak; editing by Francesca Landini

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