Luxury carmaker Ferrari says FY 2020 core profit fell 10%

MILAN (Reuters) – Italian luxury carmaker Ferrari said on Tuesday its core profits fell 10% last year, as shipments fell back below 10,000 units due to a seven-week production suspension in early 2020 triggered by the coronavirsus health crisis.

The ‘Cavallino Rampante’- or ‘Prancing Horse’- said its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) stood at 1.143 billion euros ($1.38 billion) last year, in line with a guidance of around 1.125 billion euros the company provided in November.

Milan-listed shares in Ferrari erased gains after results were published and were unchanged by 1150 GMT.

($1 = 0.8310 euros)

(Reporting by Giulio Piovaccari, editing by Stephen Jewkes)