Ferrari's 4Q Revenue, Net Profit Rise; Issues 2021 Guidance

   By Kim Richters 
 

Ferrari NV said Tuesday that it revenue and net profit rose in the fourth quarter of 2020, and provided targets for 2021.

Net profit for the quarter was 262 million euros ($316.9 million) compared with EUR167 million a year earlier, the Italian sports-car maker said.

Earnings before interest, taxes, depreciation and amortization rose to EUR372 million from EUR333 million, while earnings before interest and taxes increased to EUR251 million from EUR219 million.

Revenue for the period rose 15% to EUR1.07 billion, bringing revenue for the year to EUR3.46 billion. Analysts had expected EUR1.03 billion in quarterly revenue, according to seven estimates compiled by Factset.

The company said exceeded its targets for 2020. For 2021, the car maker's outlook includes annual revenue of around EUR4.3 billion and adjusted Ebitda of between EUR1.45 billion and EUR1.50 billion.

It said guidance depends on trading conditions that aren't hit by additional coronavirus-related restrictions.

Write to Kim Richters at [e-mail]

(END) Dow Jones Newswires

February 02, 2021 07:29 ET (12:29 GMT)

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