The value of the day in Europe – Pirelli puts the gum in the second quarter of 2022: +37.8% increase in net profit

The value of the day in Europe – Pirelli puts the gum in the second quarter of 2022: +37.8% increase in net profit

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(AOF) – In the second quarter of 2022, the Italian tire manufacturer Pirelli (+4.25% to 4.44 euros, the second largest increase on the Milan Stock Exchange) published a net profit up by 37.8% to 123.2 million euros, compared to 89.4 million in the second quarter of 2021. Its turnover increased by 26.9% to 1.67 billion euros compared to the second quarter of 2021. Growth organic growth came out at 19.8% and growth excluding the currency effect, at 7.1%.

It is also higher than analysts’ expectations (1.59 billion euros) and those of UBS in particular (1.58 billion euros).

Its adjusted Ebit stood at 253.1 million euros (208.6 million in the second quarter of 2021), with a margin of 15.1%, ie 6% above the consensus expected by the market. This was stable compared to the first quarter of 2021 and down slightly compared to 15.8% in the second quarter of 2021 due to the reduction in inventories and hyperinflation in Turkey.

Earnings per share for the first half ended June 30, 2022 also increased to €0.22, compared to €0.12 a year earlier.

The macroeconomic scenario for 2022 remains unstable. Pirelli expects slower growth due to geopolitical tensions, inflation, Covid outbreaks and monetary tightening. Its objectives are nevertheless updated upwards by relying on the efficiency of the economic model and the taking of measures aimed at mitigating the negative external impacts.

Revenues are expected to be between 6.2 and 6.3 billion euros, with the range extending between 5.9 and 6 billion euros. Volume growth is confirmed between 0.5% and 1.5%, driven by high value-added products.

The manufacturer also revised upwards its net cash flow forecast for the full year to 450/470 million euros (compared to 450 previously), while reiterating an adjusted Ebit margin forecast. around 15% in 2022.

The value of the day in Europe – Pirelli puts the gum in the second quarter of 2022: +37.8% increase in net profit

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