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Brembo raises FY forecast after jump in H1 core profit

·1 min read

July 29 (Reuters) - Italian premium brakes maker Brembo raised its full-year guidance on Thursday after posting a 88.6% increase in core earnings for the first half of 2021, while margins increased to 19.9% from 15.1% a year ago.

Brembo, which makes brakes for automakers including Ferrari and Tesla as well as several Formula One teams, also said it expects solid order levels in the coming months while it keeps monitoring the impact of the pandemic-driven global chips shortage.

The company now expects full-year revenues to increase between 20% and 25% and margins on core earnings to reach about 19.5%.

In May it had forecast revenue to grow around 15% and margins to come in range of 18.5%-19% in 2021.

In the first six months of the year the company's earnings before interest, tax, depreciation and amortization (EBITDA)stood at 270.2 million euros ($320.84 million).

($1 = 0.8422 euros) (Reporting by Federico Maccioni, editing by Maria Pia Quaglia)