Italian luxury carmaker Ferrari on Thursday reported a better-than-expected 38 percent rise in fourth-quarter adjusted core earnings and gave a strong guidance for 2017, lifting its U.S.-listed shares more than 4 percent.
Ferrari, which was spun off from Fiat Chrysler at the start of last year, said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in October-December rose to 251 million euros ($271 million), compared with a Thomson Reuters I/B/E/S consensus of 225 million euros.
Sales were up 12 percent to 836 million euros, above expectations of 815 million euros, helped by sales of its 12 cylinder models such as the GTC4Lusso and the newly launched LaFerrari Aperta.
For 2017, Ferrari forecast an adjusted EBITDA of more than 950 million euros, sales above 3.3 billion euros and net debt falling to around 500 million euros from 653 million euros at the end of last year.
Analysts had forecast a 2017 adjusted EBITDA of 921 million euros and sales of 3.29 billion euros.