MILAN (Reuters) – Ferrari (RACE.MI) said on Tuesday its fourth-quarter core profit rose 22% to meet the Italian luxury carmaker’s upgraded forecasts for last year.

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came in at 333 million euros ($368 million) in the fourth quarter, slightly missing a 340 million euro forecast in an analyst poll compiled by Reuters.

Ferrari said it planned its adjusted EBITDA to increase to between 1.38-1.43 billion euros this year, compared to a previous guidance, set in its 2018 plan, of over 1.3 billion euros.

Reporting by Giulio Piovaccari

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