COMPANY NEWS IN BRIEF

04 August 2021 | Business

BMW raises 2021 profit forecast

BMW raised its profit forecast for 2021 after strong quarterly results, but warned that the global semiconductor chip shortage and rising raw materials prices would impact its performance in the second half of the year.

"Our performance has benefited from strong customer demand during the first half of the year, enabling us to achieve significant growth," Chief Executive Oliver Zipse said in a statement.

"However, in light of a number of prevailing risks, including raw materials prices and a shortage of semiconductors, the second six-month period is likely to be more volatile for the BMW Group"

BMW posted a better-than-expected profit for the second quarter on Tuesday versus a loss in the same period in 2020 when the German luxury carmaker was pummelled by the coronavirus pandemic.

The carmaker said it now expected a full-year operating margin for the automotive segment in a range from 7% to 9%, up from its previous forecast of a range from 6% to 8%. -Nampa/Reuters

Ferrari sticks to 2021 targets

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 (US$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.

A Milan-based analyst said the improvement in the free cash flow forecast was broadly discounted and second-quarter results did not provide fresh impetus for the shares after their recent strong performance. They have risen 10.5% since mid-June.

Ferrari's new CEO, technology industry veteran Benedetto Vigna, will start on Sept. 1. With 26-years of experience in the chip industry, he will have to drive the company, known for its 'Prancing Horse' logo and roaring, high-octane engines, into a new era of electric powertrains. -Nampa/Reuters

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