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Ferrari to boost estimated profit in 2020 following a jump in sales

By Charlotte Ricca

Total Ferrari shipments up 9.5 per cent in the last quarter of 2019

Ferrari plans to boost its adjusted core profit in 2020 after hitting its recently upgraded estimate for core profit last year.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 22 per cent to €333m (£282.39m, $367.88) in the last three months of 2019, which was just shy of a forecast of 340m by a Reuters poll.

According to a press release, total Ferrari shipments were up 9.5 per cent, largely due to “robust deliveries” of its Portofino and 812 Superfast models in the fourth quarter. It also saw the first deliveries of the F8 Tributo, the Ferrari Monza SP1 and SP2.

As a result, the luxury carmaker’s adjusted core profit for the year reached €1.269bn euros, which is almost bang on its increased estimate of €1.27bn billion, which the company gave in November.

Ferrari now plans to boost its adjusted core profit for 2020 from above €1.3bn to between €1.38bn and €1.43bn.

After the results were announced, Ferrari shares immediately dropped 1 per cent. At time of writing they are down 1.43 per cent on the Milan stock exchange.

Ferrari plans to launch 15 models between 2019 and 2022, while achieving a significant increase in their average retail price.

FURTHER READING: Porsche defies gloom with record sales in 2019

FURTHER READING: Volkswagen in talks to buy stake in Chinese electric vehicle battery maker

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