Ferrari Guides to a Stronger-Than-Expected 2020 Profit After Earnings Beat Estimates
Ferrari (NYSE: RACE) today reported third-quarter earnings that beat Wall Street estimates after fully restoring production capacity that had been disrupted by the coronavirus earlier in 2020.
Ferrari's third-quarter adjusted earnings before interest, tax, depreciation and amortization totaled 330 million euros ($386 million), ahead of the 300-million-euro average estimate of analysts polled by Bloomberg.
Revenue of 888 million euros ($1.04 billion) fell slightly short of Wall Street's expectations, as the company's share of Formula 1 racing revenue was hurt by limited attendance and a reshuffled racing schedule amid the pandemic.
Source Fool.com
