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 full-year guidance.

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 billion.

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 EUR174.60.

 

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

 

(END) Dow Jones Newswires

May 04, 2021 08:25 ET (12:25 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.