August 2, 2021

MILAN (Reuters) -Ferrari stuck to its main 2021 targets on Monday, despite tripling second-quarter core profits as shipments recovered from pandemic-hit trading in the same period last year.

The luxury carmaker increased its industrial free cash flow guidance to around 450 million euros ($535 million) this year, up from its previous forecast of around 350 million euros.

But it left forecasts for net revenues and adjusted earnings before interest, tax, depreciation and amortization (EBITDA) unchanged, despite saying earlier this year it was “confident” of reaching the top end of its 2021 guidance.

Milan-listed shares in Ferrari turned negative after the results were published, and were down 2.8% at 1100 GMT, the worst performers in Italy’s blue chip index.

In the second quarter, Ferrari’s adjusted EBITDA came in at 386 million euros, from 124 million euros a year earlier.

The result was just ahead of analysts’ expectations of 373 million euros, according to a Reuters poll.

($1 = 0.8412 euros)

(Reporting by Giulio PiovaccariEditing by Mark Potter)