Ferrari disappoints on Q3 results, modest guidance lift

Reuters
0

MILAN, Nov 2 (Reuters) - Italian luxury sportscar maker Ferrari nudged up its full-year guidance on Thursday, but the modest lift and an expected 13 percent rise in quarterly core earnings disappointed the market, with shares falling more than 4 percent.

Ferrari said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in July-September rose to 266 million euros ($310 million), roughly in line with a Thomson Reuters SmartEstimate of 249 million euros.

Quarterly revenues were up 7 percent to 836 million euros, in line with expectations, helped by sales of its 12-cylinder models such as the GTC4Lusso and the recently-launched LaFerrari Aperta hybrid convertible.

Ferrari said it now expects to report a full-year adjusted EBITDA of around 1 billion euros, up from a previous forecast of above 950 million euros, but analysts said this was still conservative.

Revenues are seen at around 3.4 billion euros, up from a previous forecast of more than 3.3 billion. ($1 = 0.8587 euros) (Reporting by Agnieszka Flak)

Advertisement

Recommended Stories