RACE Ferrari NV

By Kim Richters

Ferrari NV on Tuesday upgraded its earnings guidance for the full year, as it posted higher net profit and revenue for the third quarter.

Net profit came in at 206 million euros ($239.1 million) compared with EUR171 million a year earlier, the Italian sports-car maker said.

Earnings before interest, taxes, depreciation and amortization rose to EUR371 million from EUR330 million, while earnings before interest and taxes increased to EUR270 million from EUR222 million.

Revenue for the period rose to EUR1.05 billion from EUR888 million.

Ferrari said earnings benefited from positive effects from volumes, product mix and pricing in the quarter.

Looking ahead, the car maker forecast adjusted Ebitda of around EUR1.52 billion for 2021, up from a previous guidance of EUR1.45 billion to EUR1.50 billion. Adjusted Ebit for the year should be around EUR1.05 billion, up from EUR0.97 billion to EUR1.02 billion before.

Ferrari also guided for annual revenue to be less than or equal to EUR4.3 billion.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

November 02, 2021 09:15 ET (13:15 GMT)

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