Ferrari Backs 2021 Outlook After 1Q Earnings, Revenue Rise
By Kim Richters
Ferrari NV said Tuesday that its revenue and earnings rose in
the first quarter and it expects to reach the higher end of
Net profit for the quarter was 205 million euros ($247.3
million) compared with EUR166 million a year earlier, the Italian
sports-car maker said.
Earnings before interest, taxes, depreciation and amortization
rose 19% to EUR376 million, while earnings before interest and
taxes increased 21% to EUR266 million.
Revenue for the period rose 8% to EUR1.01 billion.
For 2021, the car maker said it expects to meet the top end of
its outlook which includes annual revenue of around EUR4.3 billion
and adjusted Ebitda of between EUR1.45 billion and EUR1.50
Ferrari said its financial targets for 2022 have been postponed
by a year due to the effects of the coronavirus pandemic.
At 1157 GMT, shares in Ferrari were trading down 4.4% at
Write to Kim Richters at firstname.lastname@example.org
(END) Dow Jones Newswires
May 04, 2021 08:25 ET (12:25 GMT)
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