Pirelli lowers guidance due to Brazil, Russia weakness
MILAN Nov 11 (Reuters) - Italy's Pirelli, the world's fifth-largest tyre maker, on Wednesday lowered its full-year guidance for sales and operating profit due to a worsening economic environment in emerging markets, especially Russia and Brazil.
The group, which was delisted last week after a takeover by an investment vehicle controlled by China National Chemical Group, said it expects to report a 2015 operating profit after one-off and restructuring charges of around 870 million euros ($934 million), down from a previous forecast of 930 million euros.
Pirelli will book restructuring charges linked to the separation of its industrial business unit as part of the ChemChina takeover.
Sales are seen growing around 4 percent to more than 6.25 billion euros, below a previous forecast of above 6.35 billion.
Pirelli, whose tyres equip motorcycles, cars and Formula 1 racers, said earnings before interest and taxes (EBIT) in the first nine months of the year rose 3 percent to 648 million euros, while revenues increased 4 percent. ($1 = 0.9316 euros) (Reporting by Agnieszka Flak, editing by Isla Binnie)
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