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The luxury car manufacturer Ferrari reported a 1% improvement in net income in the third quarter. These results are better than the predictions made by analysts, and Ferrari is now heading towards the high end of its 2020 forecast.
The Ferrari car dealership revealed this Tuesday its results for the third quarter 2020. The luxury car manufacturer announced a net profit of 171 million euros for the period, an adjusted EBITDA of 330 million euros, an adjusted EBITDA margin of 37.2% and sales of 888 million euros.
As a result of the economic crisis related to the health situation, Ferrari’s revenues declined by 16% for the first nine months of the year to 2.39 billion euros. Net profit fell by 35% to 346 million euros. Over the period July-September 2020, Ferrari delivered 2,313 vehicles, representing a decline of 7% in one year. The decline was greater in the Americas (-34.7%) and in the China-Hong Kong-Taiwan region (-25.2%). However, Europe saw a 12.7% increase in vehicle deliveries.
Following these latest encouraging results, Ferrari is now targeting the high end of its 2020 targets. The luxury car manufacturer hopes to achieve sales of more than 3.4 billion euros and an adjusted EBITDA of 1.125 billion euros.
At the Milan Stock Exchange, investors are delighted with these latest results and at around 13:30 local time, the stock was up 3.37%.
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Featured photo: © Ferrari[/vc_column_text][/vc_column][/vc_row]
