Pirelli raises its head in Piazza Affari and tries to leave behind the sharp decline of yesterday, August 22, when the share closed the day slipping by 4,58%, weighed down by the thud of Continental in Frankfurt. At 11.40, the shares rose by 2,76% to 7,45 euros, achieving the second best performance of the Ftse Mib (-0,05%). Volumes are high: almost 900 pieces have changed hands compared to an average of 1,7 million in an entire session in the last month.
Unlike what was done by the German giant in the sector, which cut its estimates on revenues and margins for 2018 both at group level and as regards the Rubber division, Pirelli intervened yesterday after the markets were closed, emphasizing that it did not detect "significant changes in the markets in which it operates that have an impact on its forecasts relating to the current year”.
A statement aimed at responding directly "to the hypotheses, circulated and reported by the press, of possible deterioration of the tire market for 2018" precisely in the light of Continental's warning which arrived due to reduced expectations on sales, higher costs and requests for compensation that the German group is encountering during the third quarter.
Pirelli has therefore de facto confirmed the targets as at 31 December which forecast revenues of approximately 5,4 billion and adjusted Ebit of approximately one billion.
