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Pirelli's pricing power helps offset economic challenges

Strong pricing power and cost savings will help Pirelli offset economic challenges, the Italian tyremaker said on Thursday as it beat second-quarter operating profit expectations and raised its full-year revenue forecast. The sole supplier of Formula 1 tyres, said its adjusted earnings before interest and tax (EBIT) rose 21% in the April-June period to 253 million euros ($258 million), topping a company-provided analyst consensus of 238 million euros. Higher commodity costs of 116 million euros weighed on the result along with 88 million euros in increased production costs, the company said. Chief Executive Marco Tronchetti Provera told analysts that Pirelli's business model, which focuses...
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