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Ferrari NV posted earnings that beat estimates for the first complete quarter that the Italian supercar maker fully restored production capacity in the wake of coronavirus-related disruptions.

The manufacturer controlled by the Agnelli family’s investment company Exor NV reported 330 million euros ($386 milion) of adjusted earnings before interest, tax, depreciation and amortization in a statement Tuesday. The third-quarter result topped analysts’ average estimate of 300 million euros.

Revenue dipped to 888 million euros, short of consensus for 894 million euros.

Key Insights

  • Shipments fell 6.5% in third-quarter to 2,313 cars, with Ferrari expecting that it will recover about 500 of the roughly 2,000 units lost following its pandemic-related suspension earlier this year.
  • (Also read | Ferrari issues recall orders for its most powerful supercar. Here's why)
  • The company said adjusted Ebitda, industrial free cash flow and other figures will be at the high end of the full-year earnings projections given in August. It adjusted guidance three months ago to reflect the impact of a seven-week factory shutdown.
  • Chief Executive Officer Louis Camilleri, a former Philip Morris International Inc. executive, is revamping Ferrari’s lineup so it can keep boosting prices. The company introduced five new models in 2019, including the Roma Coupe with a mid-front-mounted 620-horsepower engine, which helped boost annual sales to more than 10,000 units for the first time.

In September, Ferrari also debuted its first new model since Covid-19 forced the company to temporarily close much of its operations, unveiling a more powerful Portofino.

This story has been published from a wire agency feed without modifications to the text.