RACE Ferrari NV

   By Kim Richters 
 

Ferrari NV on Tuesday raised targets for the year after earnings and revenue rose in the second quarter.

Net profit came in at 249 million euros ($255.5 million) compared with EUR206 million a year earlier, the Italian sports-car maker said.

Earnings before interest, taxes, depreciation and amortization rose to EUR446 million from EUR386 million, while earnings before interest and taxes increased to EUR323 million from EUR274 million.

Revenue for the quarter rose to EUR1.29 billion from EUR1.04 billion.

Earnings were boosted by higher shipments but product mix was softer this period and costs like research and development expenses also increased, said the car maker.

Ferrari lifted its forecasts for 2022 on the back of the results, targeting revenue of around EUR4.9 billion, adjusted Ebitda of between EUR1.70 billion to EUR1.73 billion, and adjusted EBIT of EUR1.15 billion to EUR1.18billion. Previously, it forecast revenue of around EUR4.8 billion, adjusted Ebitda of between EUR1.65 billion and EUR1.70 billion, and adjusted EBIT of EUR1.10 billion to EUR1.15 billion.

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

(END) Dow Jones Newswires

August 02, 2022 07:37 ET (11:37 GMT)

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