Italy's Pirelli trims FY operating profit margin forecast for second time

Italian tyre-maker Pirelli on Wednesday trimmed its forecasts for full-year operating profit margin and cash flow due to the "strong" impact of the COVID-19 pandemic on the industry in the second quarter.The manufacturer of tyres for Formula One racing teams and high-end carmakers such as BMW and Audi said the margin on its adjusted earnings before interest and tax (EBIT) would be around 12%-13% this year.Pirelli, however, posted an operating profit in the first half, albeit down around 85% from