Pirelli forecast that the
current “positive trend” in operating profit would be maintained for the rest
of the year.
Go deeper with GlobalData
Third quarter results benefited
from “an acceleration in profitability and in economic growth compared to the
first-half of the year,” the company said.
Shares in Pirelli, which
were around one percent down ahead of the results, reacted positively to the
earnings. They gained nearly two percent before retreating to 3.65 euros, or
0.8 percent up, by 1545 GMT.
Pirelli said full-year results
will include extraordinary items related to the sale of its optical components
business.
Fiber optics maker Corning
(NYSE:GLW – news) in September acquired a 90 percent stake in Optical Technologies
from Pirelli for $3.6 billion. Pirelli had previously sold a 10 percent stake
to computer networking equipment maker Cisco Systems (NasdaqNM:CSCO – news).
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By GlobalDataSee Also:
The market had been hoping
Pirelli might give some indications with its results on what it intended to
do with the funds it received from the sale of the Optical Technologies stake.
