Pirelli Q3 Profit Up; Cuts FY13 Sales Outlook - Quick Facts

(RTTNews) - Pirelli (PPAMY.PK, PPAMF.PK) reported that its third-quarter consolidated net profit increased 27.3% to 108.0 million euros, from 84.8 million euros in the same quarter last year. The result was negatively impacted by the adjustment of its value to equity of the affiliate RCS Mediagroup of 22.6 million euros.

Revenues for the third-quarter were 1.52 billion euros, down 2.2% from 1.55 billion euros in the same period last year.

For the first nine-month period, Net income attributable to owners of Pirelli & C. S.p.A. rose to 262.1 million euros from 301.3 million euros in the prior year period. On a per share basis, net income was 0.537 euros, up from 0.617 euros last year.

Net income for the nine-month period was 258.1 million euros, an increase of 14.9% compared with 303.3 million euros in the prior year period.

Revenues in the first nine months amounted to 4.65 billion euros, an increase of 1.7% compared with 4.57 billion euros last year.

The company now expects 2013 sales to be about 6.2 billion euros, compared to prior estimate of about 6.3 to 6.35 billion euros.