Pirelli says operating earnings grew 35% in first quarter

  div classBodysc17zpet90 cdBBJodivpMILAN Reuters – Italys Pirelli said on Tuesday its operating profit grew 35 in the first quarter, topping estimates, despite an economic outlook for this year that is being held back by geopolitical tensions, inflation and a lockdown in China.p

  pThe manufacturer of tyres for Formula One and highend carmakers such as BMW and Audi said its adjusted earnings before interest and tax EBIT stood at 228.5 million euros 240.8 million in the JanuaryMarch period, exceeding a companyprovided analyst consensus of 217 million euros.pdivdivdiv classBodysc17zpet90 cdBBJodiv

  p“Geopolitical tensions and falling demand in China due to lockdown measures are holding back the prospects for global economic growth,” the company said in a statement. 1 0.9489 euros

  Reporting by Giulio Piovaccari Editing by Keith Weir

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