MILAN (Reuters) – Italian tyre-maker Pirelli said on Wednesday its operating profit rose slightly last year, as pricing power and product mix helped offset effects of higher inflation and raw material costs.
The Italian company said adjusted earnings margin before interest and tax (EBIT) grew 2.5% last year to 1.002 billion euros ($1.09 billion), broadly matching a 991 million euro analyst consensus provided by the company.
Milan-listed shares in the company erased earlier gains following result release and by 1213 GMT they were down 1.2%.
($1 = 0.9195 euros)
(Reporting by Giulio Piovaccari, editing by Cristina Carlevaro)
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