Italian luxury carmaker Ferrari expects to deliver 2020 earnings at the top of its previous guidance range as shipments recover from a halt in production earlier this year due to the coronavirus pandemic.
The company, known for its prancing horse logo, said today it expected adjusted core earnings of around €1.125 billion this year, compared with €1.075-1.125 billion previously.
Ferrari said shipments were down 6.5% year on year in the third quarter, in line with a production plan the company set after a seven-week freeze of its operations linked to the first wave of Covid-19 earlier this year.
However, shipments of its high-power and high-margin 12-cylinder cars, including the Monza, rose 15.4% in the three months from July to September.
"Deliveries of the SF90 Stradale and the Ferrari Roma are on track to start in Q4 2020," Ferrari said in a statement.
In the third quarter, it said its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose 6.4% to €330m, above an average forecast of €299m from analysts polled by Reuters.
Third quarter adjusted EBITDA margins stood at 37.2%, up from 33.9% a year earlier.
