MILAN, Nov 6 (Reuters) - Italy’s Pirelli, the world’s fifth-largest tyremaker, on Thursday reported a 9 percent rise in its January-September operating profit, matching expectations, but slightly lowered its full-year revenue guidance on weak Latin America and Russia.
The company confirmed its target for 2014 profit.
Pirelli, whose tyres equip motorcycles, cars and Formula 1 racers, said nine-month earnings before interest and tax (EBIT) rose 9 percent to 629.7 million euros ($782 million), in line with an analysts consensus provided by the company, helped by its focus on more expensive products, lower raw material costs, a better price mix and efficiency measures.
Nine-month revenues fell 1.3 percent to 4.53 billion euros, compared with an analyst consensus of 4.5 billion euros. (1 US dollar = 0.8057 euro) (Reporting by Agnieszka Flak, editing by Danilo Masoni)