MILAN, Nov 11 (Reuters) – Italian tyre-maker Pirelli on Wednesday lowered its margin forecast for this year, citing continuing uncertainty in light of the second wave of the COVID-19 pandemic.
The manufacturer of tyres for Formula One and high-end carmakers such as BMW and Audi said the 2020 market outlook had improved in the North America and Asia-Pacific regions.
“But the outlook (is) cautious for Europe because of recent anti-COVID measures following the resurgence of the pandemic,” it said in a statement.
The group guided for a 2020 full-year margin on its adjusted earnings before interest and tax (EBIT) of 11.5-12%, against a twice-trimmed previous forecast of 12-13%, to account for the impact of exchange rates, raw materials and other costs.
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