February 1, 2018 / 11:49 AM / 6 months ago

Ferrari sees core earnings doubling to 2 bln euros no later than 2022

MILAN, Feb 1 (Reuters) - Italian sportscar maker Ferrari forecast to double core earnings to 2 billion euros ($2.5 billion) no later than 2022 and become debt free a year earlier, betting on racy demand for its supercars and new launches, including a planned SUV.

The Maranello, Italy-based company gave the mid-term forecast after “thoroughly reviewing its current portfolio and all of its product development initiatives”. Shares in the group rose as much as 4.9 percent after the release.

Ferrari reported 2017 adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of 1.04 billion euros, in line with expectations, breaching the 1 billion euro mark two years earlier than forecast at the time of its initial public offering.

For 2018 Ferrari forecast an adjusted EBITDA of at least 1.1 billion euros and sales of more than 3.4 billion euros.

Shipments this year are seen at above 9,000 vehicles, up from 8,398 vehicles in 2017. ($1 = 0.8046 euros) (Reporting by Agnieszka Flak)

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