Italy’s Pirelli makes deeper cut to margin forecast after testing quarter – Reuters

MILAN (Reuters) – Italian tyre-maker Pirelli (PIRC.MI) on Wednesday cut its full-year margin forecast for a second time and scaled back its cash flow guidance after the COVID-19 pandemic delivered a quarter it said had tested it “more than ever”. The manufacturer of tyres for Formula One and high-end carmakers such as BMW (BMWG.DE) and Audi said the margin on its adjusted earnings before interest and tax (EBIT) would be around 12%-13% this year.

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