Ferrari 1Q Earnings Rose; Confirms 2022 Forecast
May 04 2022 - 7:22AM
Dow Jones News
By Kim Richters
Italy's Ferrari NV on Wednesday said earnings and revenue
increased in the first quarter and it backed its full-year
targets.
Quarterly net profit came in at 238 million euros ($250.4
million) compared with EUR205 million a year earlier, the
sports-car maker said.
Earnings before interest, taxes, depreciation and amortization
rose to EUR423 million from EUR376 million, while earnings before
interest and taxes increased to EUR307 million from EUR266
million.
Revenue for the quarter rose to EUR1.19 billion from EUR1.01
billion.
"The first quarter was characterized by a record level of
revenues, Ebitda and industrial free cash flow, which almost
doubled to approximately EUR300 million thanks in particular to the
collection of advances on the Daytona SP3 [sports car]," Ferrari
Chief Executive Benedetto Vigna said, adding that margins for the
three-month period were in line with the company's outlook.
Ferrari backed its forecast for 2022, which includes 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
May 04, 2022 08:07 ET (12:07 GMT)
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