(Finance) – In the first quarter of 2022 the revenues of Pirelli amounted to 1,521.1 million euros, with a growth of 22.2% compared to the corresponding period of 2021.
Adjusted Ebitda amounted to 333.1 million euros, up by 25% compared to 266.5 million in the corresponding period of 2021, while adjusted Ebit was 228.5 million euros (168.8 million euros in the corresponding period of 2021), with an adjusted EBIT margin of 15%, an improvement compared to 13.6% in the first quarter of 2021.
L’Net income was € 109.8 million, an increase of 160.2% compared to the € 42.2 million of the first quarter of 2021.
There net financial position as of March 31, 2022 it was equal to -3,580 million euros (-3,911.9 million as of March 31, 2021 and -2,907.1 million euros as of December 31, 2021), with a net cash absorption of € 672.9 million (€ 653.5 million in the first quarter of 2021) due to the usual seasonality of the business.
Outlook 2022
According to Pirelli “the macro-economic outlook for 2022 is being held back by geopolitical tensions, inflation and falling demand due to new lockdowns in China. Revenues expected for the whole of 2022 rise to a range of 5.9-6 billion, compared to 5.6-5.7 billion in the previous estimate, while the expected growth in volumes has dropped to + 0.5% / + 1.5%, from the previous +1.5% / + 2.5% “.
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