Pirelli’s Q1 2022 profit climbs by 160% to 109.8 million

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Pirelli's Q1 profit climbs by 160% to 109.8 million

Pirelli the 6th largest tyre maker in the world announced its Q1 2022 reports. Pirelli reported that its net profit in the first quarter of 2022 was 109.8 million euros, an increase of 160.2% from 42.2 million euros in the same period last year.

Earning before Interest and Tax amounted to 192.6 million euros, as compared to 97.4 million euros recorded in the first quarter of 2021.  Net sales were up 22.2% to 1,521.1 million euros as compared to 1244.7 million euros last year, and the adjusted EBIT was 35.4% up at 228.5 million.

The Net Financial Position on March 31, 2022, showed a debt of euro 3,580.0 million (euro
2,907.1 on December 31, 2021, and euro 3,911.9 million on March 31, 2021), with a net cash
absorption of euro 673 million (cash absorption of euro 654 million for the first quarter of 2021)
which reflected the usual seasonality of the business

Pirelli said its board co-opted Yang Shihao to replace Yang Xingqiang, who resigned on 28 April with effect from today. The Board also proceeded to nominate Yang Shihao- qualified by the Board as a non-executive director – as a member of the Strategies Committee.

For 2022, Pirelli now expects revenues to be between 5.9 billion euros and 6.0 billion euros compared to the previous estimate of 5.6 billion euros and 5.7 billion euros.