Italian premium brakes maker Brembo raised its full-year guidance after posting an 89 percent increase in core earnings for the first half of 2021, while margins increased to 19.9 percent from 15.1 percent a year ago.
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).
Brembo, which makes brakes for automakers including Ferrari and Tesla as well as several Formula One teams, said in a statement that 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 percent and 25 percent and margins on core earnings to reach about 19.5 percent.
In May, the supplier forecast revenue to grow around 15 percent and margins to come in range of 18.5 percent to 19 percent in 2021.