Pirelli cuts 2014 sales target as currency swings bite
MILAN, March 27 (Reuters) - Pirelli, the world's fifth-largest tyremaker, on Thursday cut its sales target for this year, citing heavier-than-expected negative currency effects, as 2013 results came in line with its own previously-lowered forecasts.
The Italian company, whose tyres equip motorcycles, cars, and Formula 1 racers, said it expects to report sales of 6.2 billion euros ($8.52 billion) this year, down from a target of 6.6 billion.
Forecast for earnings before interest and taxes (EBIT) before restructuring costs in 2014 was confirmed at around 900 million euros.
Pirelli said EBIT last year stood at 791 million euros ($1.09 billion) compared with 792.5 million euros the previous year. This compares with a forecast of 788 million euros in an analyst consensus provided by the company.
Revenue rose 1.2 percent to 6.15 billion euros as strong demand in emerging markets, especially for premium tyres, offset weakness in Europe and Russia and currency effects in Latin America, the group's single largest market.
Excluding currency effects, revenues rose 8.4 percent. ($1 = 0.7278 Euros) (Reporting by Agnieszka Flak)
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