Italy's Pirelli trims FY forecast on operating profit margin for second time

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MILAN (Reuters) – Italian tyre-maker Pirelli on Wednesday trimmed its forecasts on full-year operating profit margin and cash flow due to the “strong” impact the COVID-19 pandemic has had on the industry in the second quarter.

The manufacturer of tyres for Formula One racing teams and high-end carmakers such as BMW and Audi said the margin on its adjusted earnings before interest and tax (EBIT) would come at around 12%-13% this year.

That compares with an already-reduced forecast around 13%-14% it provided earlier this year.

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