(Reuters) – Italian tyremaker Pirelli said on Wednesday it expects revenues this year of some 6.6-6.8 billion euros, at least in line with the better-than-expected figure for 2022.
Revenues at the group totalled 6.62 billion euros ($7.03 billion) in 2022, beating a target of about 6.5 billion euros which was set only in November as an upgrade on an earlier estimate.
The automotive industry has been struggling with several issues, ranging from the coronavirus pandemic to the impact of the war in Ukraine, along with component shortages and logistical bottlenecks.
The supplier of luxury car brands like Ferrari and Porsche said its adjusted earnings before interest and taxes (EBIT) stood at 977.8 million euros in 2022, up from 815.8 million euros a year before.
The result was driven by higher pricing and as measures put in place to weather rising costs offset the hit from raw material costs and other inflation.
China’s Sinochem Holdings Corp, the biggest investor in Pirelli, last week denied a report that it planned to sell its 37% stake in the company. ($1 = 0.9411 euros)
(Reporting by Federica Urso; editing by Keith Weir)