Pirelli reported a 6.4% year-on-year rise in second quarter pre-tax earnings to $2.92 million, on 3.7% higher of $1.88 billion.
Milan, Italy-based Pirelli said that excluding a negative currency effect, the sales increase equated to 9.1%, pointing to "price increases and improved mix."
First half revenues came in 7.5% higher year-on-year at $3.7 billion, or 10.4% higher excluding currency factors. Adjusted EBIT for the first six months totaled $561.4 million, an increase of 7.4% compared with the same period in 2022.
Based on its strong first-half, particularly on price-mix, Pirelli slightly upgraded its full-year forecast for adjusted EBIT margin to between around 14.5% and 15%, from around 14-14.5%.
However, Pirelli projects revenues to come in slightly lower than previously forecast, at between $7 billion and $7.3 billion, down from $7.1 billion and $7.4 billion previously forecast. Pirelli linked the downgrade to volumes and forex developments.
Volumes are estimated to decline by between around 2% and 1%, compared with Pirelli's previous indication of stable to around +1%.