Pirelli closes on third quarter with revenues up 0,8% to 1.737 million, volumes up 3% thanks to the strong growth ofHigh Value, an operating profit of 276,8 million (+4,4%). TheNet income is 139,8 million euros and compares with the 168,4 million of the same period last year which however included positive impacts of 40 million euros linked to the Patent Box for the three-year period 2020-2022. The group, as stated in a note, "confirms the 2024 targets communicated in August". About 9 months i revenues increased by 0,5% to 5.184,5 million, adjusted EBITDA was equal to 1.157 million euros, up 3,7%, EBIT was 815,9 million euros and net profit was 371,1 million euros.
Pirelli, here are all the numbers and the meeting on December 12th
Le forecasts for 2024, Pirelli recalls, are of revenues for approximately 6,7 billion euros with volumes growing by approximately 2% with an impact you change expected to be around -3,5/-4%. A generation of net cash before dividends confirmed between approximately 500 and 520 million euros "thanks to the operating performance and working capital management". The investments confirmed at around 400 million euros (around 6% of revenues). And finally the net financial position confirmed at approximately -1,95 billion euros, with a ratio to EBITDA of 1,32/1,26 times. The board of directors that examined the quarterly accounts resolved to call aassembly il 12th December for the amendments to the Articles of Association connected, among other things, to the introduction of the possibility that participation in the meeting and the exercise of the right to vote may take place, following a resolution of the board of directors, exclusively through the designated representative.
Tronchetti, Casaluci, North America and trade tensions
“The scenario that is emerging for the sector is highly challenging. The trade tensions between North America, China and Europe are likely to impact economic growth and, more specifically, on the automotive industry". This is underlined Marco Tronchetti Provera, executive vice president of Pirelli, adding that the main European and American car manufacturers 'are facing a phase of restructuring and a review of the development plans of electric and hybrid, while competition from new Chinese players is increasing'. Pirelli 'will continue to leverage our business model and our competitive advantages', added Tronchetti, during the call with analysts, confident of reaching the plan objectives with performances 'beyond peers'.
Pirelli is particularly aiming at “Gaining Shares in High Value and reduce exposure in the standard segment,” said the CEO Andrea Casaluci, confirming the group's strategy. In particular, one of Pirelli's priorities is to "make increase productivity in North America“, explains the CEO.
Tronchetti Provera: “Golden power outcome in the hands of those who deal with it”
“A series of administrative procedures have been started for a possible violation by Cnrc, to ensure the lack of corporate and functional connections between Pirelli and Cnrc. The outcome is in the hands, of course, of those who deal with the golden power". This is what Tronchetti Provera said during a call with analysts to those who asked him what the outcome of the procedure initiated by the Presidency of the Council of Ministers could be, on the possible violation of the golden power by China National Tire and Rubber Corp (Cnrc), Pirelli's Chinese partner.
“CNRC – added Tronchetti Provera – declared that they have all the elements to defend their position and then it will be those who deal with golden power who will make a decision”.
