Pirelli black jersey at FTSEMib. The estimates for 2019 are disappointing

<! – ->Pirelli records the worst performance at FTSEMib, after the spread of quarterly results and revision of estimates for the whole 2019. At 4.45 pm the stock was down 9.78% to 5.24 euros.

Pirelli closed the first nine months of 2019 with revenues of 4.04 billion euros, up 2.8% compared to the 3.93 billion obtained in the first three quarters of last year. Conversely, the adjusted operating result declined, which in the first nine months of the year decreased from 700.1 million to 685 million euro (-2.1%); as a result, margins fell from 17.8% to 17%. Pirelli ended the January-September period with a net profit of € 385.7 million, compared with € 378.1 million booked in the same months last year (+ 2%). The analysts' consensus published on the Pirelli website for the first nine months of 2019 indicated an increase in turnover to € 3.99 billion and an adjusted operating result down to € 685 million. The Pirelli top management reviewed some estimates for 2019. The management expects to close the year with revenues of at least € 5.3 billion, up 2.5% compared to 2018 (between 1.5% and 2.5% the previous indication), supported by the strengthening on the High Value (67% weight on revenues confirmed). On the contrary, the Ebit Adjusted margin is expected between 17% and 17.5% (between 18% and 19% the previous indication). Investments of around 380 million euros have been confirmed.

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