Zippy Ferrari leaves profit forecasts for dust
Italian luxury carmaker Ferrari said on Thursday its net profit had surged by nearly a quarter in the three months to September, outpacing expectations, and predicted a smooth ride for the rest of the year.
Adjusted net profit came in at €141 million ($164 million), leaving in the dust analysts' forecasts which had centred on €128 million, according to the Factset data provider.
Ferrari shares have had a strong run since the automaker floated them just under two years ago, rising from an initial price of €43 to over €100 this week.
On Thursday however, they slipped back to double digits, trading at €99.30 in Milan after the results announcement, down 4.3 percent on the day.
Ferrari said it expected to ship around 8,400 cars this year, leading to net revenues of €3.4 billion, up from a previous 3.3 billion estimate.
EBITDA, a measure of operating profit, was on course for €1 billion, Ferrari said.
In the third quarter alone, car deliveries rose 3.4 percent year on year, thanks partly to a 27-percent surge in sales of its V12 models.
Overall Ferrari sales in France and Italy rose by double digits, in the UK by mid-single digits and were stable in Germany.
Sales in the Americas were up five percent, while China, Hong Kong and Taiwan posted a combined 15.6 percent drop as a new dealership in Hong Kong had not been fully operational in the quarter, the group said.
The rest of the Asia-Pacific region rose 7.1 percent.
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Adjusted net profit came in at €141 million ($164 million), leaving in the dust analysts' forecasts which had centred on €128 million, according to the Factset data provider.
Ferrari shares have had a strong run since the automaker floated them just under two years ago, rising from an initial price of €43 to over €100 this week.
On Thursday however, they slipped back to double digits, trading at €99.30 in Milan after the results announcement, down 4.3 percent on the day.
Ferrari said it expected to ship around 8,400 cars this year, leading to net revenues of €3.4 billion, up from a previous 3.3 billion estimate.
EBITDA, a measure of operating profit, was on course for €1 billion, Ferrari said.
In the third quarter alone, car deliveries rose 3.4 percent year on year, thanks partly to a 27-percent surge in sales of its V12 models.
Overall Ferrari sales in France and Italy rose by double digits, in the UK by mid-single digits and were stable in Germany.
Sales in the Americas were up five percent, while China, Hong Kong and Taiwan posted a combined 15.6 percent drop as a new dealership in Hong Kong had not been fully operational in the quarter, the group said.
The rest of the Asia-Pacific region rose 7.1 percent.
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