Ferrari Q4 earnings rise 38%, predict an even better 2017

Italian luxury carmaker Ferrari reported a 38 percent rise in fourth-quarter adjusted core earnings and gave a strong guidance for 2017.

Ferrari, which was spun off from Fiat Chrysler Automobiles at the start of last year, said in a statement Thursday that adjusted earnings before interest, tax, depreciation and amortization (EBITDA) in October-December rose to 251 million euros ($271 million).

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.