MILAN Pirelli said on Thursday its operating profit grew 8.6% in the first quarter, as stronger pricing capacity and product mix, as well as increased efficiency, helped it offset external headwinds such as raw material inflation.
The Italian company said its adjusted earnings before interest and tax (EBIT) came in at 248.1 million euros ($273.1 million) in the January-March period, slightly exceeding a company-provided analyst consensus of 236 million euros.
The manufacturer of tyres for Formula One and high-end carmakers such as BMW and Audi on Thursday confirmed the forecasts for its full-year results it had provided in February, including one for an adjusted EBIT margin in the 14.0-14.5% area.
($1 = 0.9084 euros)
(Reporting by Giulio Piovaccari, editing Federico Maccioni)
