Ferrari to Reach Higher End of 2020 View as 3Q Profit Increased
November 03 2020 - 7:59AM
Dow Jones News
By Kim Richters
Ferrari NV said Tuesday that it was on track to reach the higher
end of its 2020 guidance range after third-quarter net profit rose
slightly.
Net profit for the quarter was 171 million euros ($199.1
million) compared with EUR168 million a year earlier, the Italian
sports-car maker said.
Earnings before interest, taxes, depreciation and amortization
rose 6% to EUR330 million, but earnings before interest and taxes
declined 2% to EUR222 million.
Revenue for the period ended Sept. 30 fell 3% to EUR888 million.
Revenue from its sponsorship, commercial and brand business was 31%
lower amid the coronavirus pandemic and engines revenue fell 4%,
but revenue from its cars and spare-parts business increased 3%,
Ferrari said.
The company backed its guidance for 2020 and said it was on
track to meet the upper end of its target range. It expects revenue
for the year to be greater than EUR3.4 billion, adjusted Ebitda to
be around EUR1.125 billion and adjusted EBIT of around EUR700
million.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
November 03, 2020 07:44 ET (12:44 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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