Ferrari improves FY guidance after Q3 beats forecasts

The Ferrari GTC4Lusso.
Source: Ferrari

Italian luxury carmaker Ferrari raised its outlook for the year after reporting a better-than-expected 10 percent rise in third-quarter adjusted core earnings on Monday.

The company said it now expected adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of around 850 million euros this year, compared to a previous indication of at least 800 million euros.

Ferrari, which was spun off from Fiat Chrysler at the start of the year, said adjusted EBITDA in July-September rose to 234 million euros, compared with 211 million euros in a Thomson Reuters analyst consensus.

Net revenues were up 8 percent to 783 million euros, above expectations of 763 million euros, while shipments rose 1 percent to 1,978 vehicles, helped by strong sales of Ferrari's 12-cyclinder models, especially the GTC4Lusso and the newly launched LaFerrari Aperta.

Net industrial debt was reduced to 585 million euros by the end of September, from 763 million euros three months earlier. The company said it expected it to stand at less than 700 million euros at the end of the year.