FILE PHOTO: Ferrari Roma is unveiled during its first world presentation in Rome, Italy, November 14, 2019. REUTERS/Guglielmo Mangiapane/File Photo
November 2, 2021
MILAN (Reuters) -Sports car maker Ferrari said on Tuesday it would raise this year’s core earnings forecast after a strong set of results in the third quarter, the first since new Chief Executive Bendetto Vigna started in his role.
Ferrari said its full-year adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for 2021 would come in at around 1.52 billion euros ($1.76 billion), more than the previous guidance of between 1.45-1.50 billion euros.
“The strong third quarter results are an important step forward towards the upward revised 2021 guidance,” Vigna said in a statement, adding the company was seeing a “record order intake” worldwide, particularly in China and the United States.
Adjusted EBITDA grew 12% in the third quarter to 371 million euros, slightly topping analyst expectations of 365 million euros, according to a Reuters poll.
Revenue grew 19% in the July-September period to 1.053 billion euros.
However, the company took a cautious stance on full-year revenue, saying it would come in at 4.3 billion euros or lower, compared to the previous forecast of around 4.3 billion euros.
Ferrari’s Milan-listed shares were down 1.7% by 1140 GMT, close to the day’s low of 205.10 euros and underperforming a 0.2% fall for Italy’s blue-chip index.
($1 = 0.8620 euros)
(Reporting by Giulio Piovaccari; Editing by Kirsten Donovan)
