Pirelli Cuts 2013 Profit Target for Second Time on Russia
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Pirelli SpA, Europe’s third-largest tiremaker, cut its profit target for 2013 the second time this year because of slower demand in Russia and exchange-rate volatility.
Earnings before interest and taxes are expected to be about 790 million euros ($1.06 billion), the Milan-based company said today in a statement. That compares with a previous forecast of 810 million euros outlined in August, when Pirelli scaled back from a predicted earnings range of 810 million euros to 850 million euros. Third-quarter operating profit rose to 201 million euros from 195 million euros a year earlier.