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InvestmentsFerrari ups 2021 earnings guidance, cautious on revenue under new CEO Vigna...

Ferrari ups 2021 earnings guidance, cautious on revenue under new CEO Vigna By Reuters


© Reuters. FILE PHOTO: Ferrari Roma is unveiled throughout its first world presentation in Rome, Italy, November 14, 2019. REUTERS/Guglielmo Mangiapane/File Photo

MILAN (Reuters) -Sports automotive maker Ferrari (NYSE:) stated on Tuesday it could elevate this yr’s core earnings forecast after a powerful set of ends in the third quarter, the primary since new Chief Executive Bendetto Vigna began in his position.

Ferrari stated its full-year adjusted earnings earlier than curiosity, tax, depreciation and amortisation (EBITDA) for 2021 would are available in at round 1.52 billion euros ($1.76 billion), greater than the earlier steering of between 1.45-1.50 billion euros.

“The strong third quarter results are an important step forward towards the upward revised 2021 guidance,” Vigna stated in an announcement, including the corporate was seeing a “record order intake” worldwide, significantly in China and the United States.

Adjusted EBITDA grew 12% within the third quarter to 371 million euros, barely topping analyst expectations of 365 million euros, in accordance with a Reuters ballot.

Revenue grew 19% within the July-September interval to 1.053 billion euros.

However, the corporate took a cautious stance on full-year revenue, saying it could are available in at 4.3 billion euros or decrease, in comparison with the earlier forecast of round 4.3 billion euros.

Ferrari’s Milan-listed shares had been down 1.7% by 1140 GMT, near the day’s low of 205.10 euros and underperforming a 0.2% fall for Italy’s blue-chip index.

($1 = 0.8620 euros)

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