FX.co ★ Pirelli 9-Month Profit Down

Pirelli, the renowned Italian tire manufacturer, announced its financial results for the first nine months, revealing a net income of 371.1 million euros, equating to 0.35 euros per share. This is a decrease from the previous year's net income of 411.0 million euros or 0.39 euros per share. On an adjusted basis, net income amounted to 448.4 million euros, a slight decline from 453.1 million euros in the same period last year. The company's EBIT (Earnings Before Interest and Taxes) rose to 707.8 million euros, compared to 668.3 million euros the prior year. Revenues saw a modest increase, reaching 5.184 billion euros, which is a 0.5% rise from 5.160 billion euros last year.