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.
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(END) Dow Jones Newswires
May 04, 2022 08:07 ET (12:07 GMT)
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