Pirelli & C SpA (PLLIF) Q3 2024 Earnings Call Highlights: Strong Profitability Amid Market ...

Pirelli & C SpA (PLLIF) reports robust earnings with strategic advancements in high-value segments, despite facing geopolitical and market headwinds.

Pirelli's third-quarter operating profit rises above forecasts

Italian tyre maker Pirelli said on Thursday its operating profit rose more than expected in the third quarter, thanks to growing volumes, product mix and efficiencies. The company said adjusted earnings before interest and tax (EBIT) grew 4.4% in the quarter to 276.8 million euros ($2.99 billion), higher than 270 million euros in an analyst consensus provided by the company. Pirelli confirmed its guidance for 2024, narrowing its outlook on full-year revenue to about 6.7 billion euros from between about 6.6 and 6.8 billion it had forecast in August.

Italy opens procedure against China's Sinochem for possible breach of Pirelli governance

Italy has opened an administrative procedure against China’s Sinochem, the largest shareholder in Italian tiremaker Pirelli, for a possible breach of restrictions designed to protect national strategic assets. Pirelli announced Wednesday that the procedure was launched under the so-called “golden power” provisions, which include restrictions to the access of some information and higher vote thresholds for strategic decisions, invoked by the Rome government in mid-2023. Pirelli said Sinochem, which controls a 37% stake in the company, has denied any violations of the restrictions, adding the Italian government had 120 days to issue a finding.

Stocks to watch this week: Berkshire Hathaway, Super Micro, Novo Nordisk, Vistry and M&S

Earnings preview of key companies reporting this week and what to look out for.

Pirelli CEO says company is not currently planning any factory closures

Italian tyremaker Pirelli is not planning to close any of its factories as a response to the crisis of the automotive industry, CEO Andrea Casaluci said at a business conference in Milan. Casaluci said Pirelli had already restructured its operations in 2018-2019, closing one plant in Britain, and was now working on modernising its production facilities especially in Europe and South America.

Pirelli & C SpA (PLLIF) Q2 2024 Earnings Call Highlights: Strong High-Value Segment Growth ...

Pirelli & C SpA (PLLIF) reports robust performance in high-value segments and sustainability efforts, despite facing geopolitical and market headwinds.

Pirelli and Bosch plan joint tyre sensor tech

Intend to explore enhanced tyre signal computing logic as potential input for enhanced vehicle dynamic controllers

Pirelli and Bosch to cooperate on 'intelligent tyre' technology

US requests probe of alleged labor rights denial at Pirelli facility in Mexico

The United States said on Friday it had asked Mexico to review alleged worker rights violations at tire maker Pirelli's facility in Silao de la Victoria city, the 26th U.S. labor complaint in Mexico under a 2020 trade pact. The request for investigation was made in response to a petition and the U.S. has suspended liquidation of duties on goods from the Pirelli facility, which specializes in converting rubber into car tires, the U.S. Trade Representative's office said in a statement.

Ford and N+ Unleash Bronco and Mustang Inspired E-Bikes

The company wants to bring the performance of Bronco and Mustang to two wheels.

JLR switches to FSC tyres

Will be first to adopt FSC‑certified tyres in volume

Pirelli shares slip after China's Silk Road Fund reportedly sells stake

Investing.com -- Milan-listed shares in Pirelli (BIT:PIRC) sank on Thursday after China's state-backed Silk Road Fund reportedly sold off its 9% stake in the Italian premium tiremaker and Executive Vice Chairman Marco Tronchetti Provera raised his holding.

Pirelli to focus on new materials, connectivity for future M&A strategy

MILAN (Reuters) -Italy's Pirelli sees M&A opportunities in new materials and connectivity, its CEO said on Wednesday as the company updated its business plan to 2025, focused on an effort to strengthen its leadership in high-value tyres. Chief Executive Andrea Casaluci told analysts Pirelli could accelerate its M&A strategy in the future. "This is opening up opportunities to increase the percentage of biobased and recycled materials, not only natural rubber".