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. 

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Source Fool.com