Pirelli ups 2022 sales view as pricing, product mix give boost By Reuters

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© Reuters. FILE PHOTO: Formula One F1 – United States Grand Prix – Circuit of the Americas, Austin, Texas, U.S. – October 20, 2022 Pirelli staff working in pits ahead of the United States Grand Prix REUTERS/Ricardo Arduengo

MILAN (Reuters) -Italian tyremaker Pirelli on Thursday lifted its 2022 sales forecast after third-quarter figures came in above expectations, citing the resilience of its business model and measures put in place against market volatility.

The manufacturer of tyres for Formula One and high-end carmakers such as BMW and Audi expects to book revenues of around 6.5 billion euros ($6.3 billion) this year compared with a previous guidance range of between 6.2-6.3 billion euros.

The improved guidance stemmed from the implementation of price increases and the impact of a better product mix in the first nine months of the year, which offset higher raw material costs and the hit from inflation.

Pirelli, which confirmed its full-year adjusted operating profit margin forecasts of around 15%, posted better-than-expected third-quarter results.

Adjusted operating profits rose 22.8% to 271.9 million euros in the July-to-September period, beating a company-provided analyst consensus of 259 million euros. Revenues jumped almost 30% to 1.84 billion euros. ($1 = 1.0262 euros)

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