Pirelli profit slips 17% in third quarter despite slight volume growth

Pirelli & C Spa announced that it anticipates flat full-year results as third-quarter profit declined. The Milan-based tire manufacturer reported a 17% drop in net income for the third quarter ended September 30, falling to €139.8 million from €168.4 million in the same period last year.

Pirelli profit slips 17% in third quarter despite slight volume growth

Despite this, net sales saw a modest increase of 0.8%, reaching €1.74 billion compared to €1.72 billion previously, driven by a 3.0% rise in volumes. Adjusted earnings before interest and tax (EBIT) rose 4.4% to €276.8 million, up from €265.1 million a year earlier. Looking ahead, Pirelli forecasts a flat global tire market for the full year 2024. The "High Value" segment remains the most robust, with expected growth in the mid-single digits—about 6 percentage points higher than the anticipated 1% decline in the "Standard" segment.

Revenue expected to rise

For the full year 2024, Pirelli expects to generate approximately €6.7 billion in revenue, slightly up from €6.65 billion last year. The adjusted EBIT margin is projected to improve to around 15.5%, compared to 15.1% previously.