Pirelli & C SpA (OTCPK:PLLIF)

$ 5.282 -0.0753 (-1.41%) Market Cap: 5.70 Bil Enterprise Value: 9.05 Bil PE Ratio: 12.74 PB Ratio: 0.99 GF Score: 72/100

Q1 2022 Pirelli & C SpA Earnings Call Transcript

May 10, 2022 / 04:30PM GMT

Release Date Price: $7.03

Transcript

Operator

Good evening, ladies and gentlemen. The first 3 months of 2022 were characterized by growing volatility of the macro scenario, exacerbated by the recent geopolitical tensions and the new lockdown in China. Despite this volatility, Pirelli closed the first quarter with a clear improvement of its results year-on-year, which rank one of the best in the industry.

For 2022, we expect a positive scenario, however, characterized by a slowdown in economic growth. The war in Ukraine and the sanctions imposed on Russia pushed energy and raw material prices up. The new COVID outbreaks in China had an additional element of uncertainty with an impact on economic activity and consumption.

As a result, the expectation on car tire demand are more cautious, especially for the standard segment. On the other hand, high value confirms its resilience. The growth rate 7x higher than that of 17 inches and below, despite the price hikes to offset the increase in input costs.

In this scenario, Pirelli responded promptly by acting on all its levels to mitigate the impact of growing headwinds. We are

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