Ferrari earnings top estimates as supercar maker restores output1 min read . Updated: 03 Nov 2020, 06:25 PM IST
- Ferrari reported 330 million euros ($386 milion) of adjusted earnings before interest, tax, depreciation and amortization.
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.
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.