Pirelli archive the first quarter with a Net income of 42,2 million euros, up 9,6% on an annual basis. The turnover instead it rises by 18,4%, to 1,244 billion euro, while the adjusted ebit it improves by almost 20%, to 168,8 million euros.
The results are better than market expectations: on average, in fact, analysts had forecast profits at 40 million, revenues at 1,169 billion and adjusted Ebit at 160 million.
Il net cash flow was negative by 653,5 million euros, an improvement of 100 million compared to -753,5 million in the first quarter of 2020) "mainly thanks to the improvement in the net cash flow from operating activities".
By virtue of the lower cash absorption, the net financial position as at 31 March 2021 it was negative by €3,9 billion (-€3.258,4 million as at 31 December 2020 and -€4.260,7 million as at 31 March 2020).
Pirelli confirms the 2021 targets communicated to the market on 31 March on the occasion of the presentation of the 2021-2022 business plan with a view to 2025: revenues in the range of 4,7-4,8 and adjusted ebit margin between 14 and 15%.
Secondo Marco Tronchetti Provera, vice president of the company, "the current market context, the strong demand and the favorable price trend" can allow Pirelli to position itself "in the upper part of the revenue guidance" provided to the market.
"The current market situation and macroeconomic trends confirm our optimism for 2021 - added Tronchetti Provera - both for the global economy, whose recovery is linked to vaccination plans, and for the tire industry with the high value, already back above pre-pandemic levels in the first quarter".
The executive vice president and CEO of Pirelli defined the first quarter results as "in line with expectations", underlining in particular the performance of the Chinese market (+4,6% year on year).
