Italian tyremaker, Pirelli on Thursday lifted its 2022 sales forecast after third-quarter figures came in above expectations, citing the resilience of its business model and measures put in place against market volatility.
The manufacturer of tyres for Formula One and high-end carmakers such as BMW BMWG.DE and Audi expects to book revenues of around 6.5 billion euros ($6.3 billion) this year compared with a previous guidance range of between 6.2-6.3 billion euros.
The improved guidance stemmed from the implementation of price increases and the impact of a better product mix in the first nine months of the year, which offset higher raw material costs and the hit from inflation.
Pirelli, which confirmed its full-year adjusted operating profit margin forecasts of around 15%, posted better-than-expected third-quarter results. Reuters