(Bloomberg) -- Ferrari NV raised guidance for the year after third-quarter profit beat expectations as advance payments for pricier sports cars offset deliveries of less expensive models.
- The Italian carmaker reported adjusted earnings before interest, taxes, depreciation and amortization of 311 million euros ($347.1 million), up 11%, compared with an average of analyst estimates of 296.4 million euros. The shares rose as much as 5.6%.
Key Insight
- The company's shipments rose 9% during the third quarter to 2,474 units. While the rise was slower than the 13% for the first nine months of the year, the company began shipments of its pricey Monza SP1 and SP2 models at the end of September.
- This is turning into a record year for Ferrari in terms of range renewal after it unveiled two new cars in September. It also plans to unveil a new supercar Nov. 14 in Rome, according to people familiar with the matter.
- Ferrari is also aiming to diversify its brand with the prancing-horse logo, according to the statement.
Market Reaction
- The shares were trading 4.6% higher at 151.10 euros at 12:48 p.m. in Milan.
To contact the reporter on this story: Daniele Lepido in Milan at dlepido1@bloomberg.net
To contact the editors responsible for this story: Rebecca Penty at rpenty@bloomberg.net, Tara Patel, Frank Connelly
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