Luxury sports car maker Ferrari on Tuesday posted a larger-than-expected 5% increase in third-quarter core earnings, thanks to its strong pricing power supported by models in the SF90 XX and 12Cilindri lines.
The Italian company said earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to €670m (R13.64bn) in the July to September period.
That topped analysts’ consensus of €649m (R13.02bn) in a Reuters poll.
Milan-listed shares in the company reversed earlier losses after the results were published, and by 12.10pm GMT they were up 1.8%.
Increased personalisations — touches clients add to the cars they buy and pay extra for — also contributed to the result, Ferrari said, while vehicle shipments were almost flat in the quarter at 3,401 units.
Ferrari confirmed its full-year forecasts, which it slightly improved last month when it presented a new long-term business plan.
Net revenue is seen at at least €7.1bn (R142.45bn) and adjusted EBITDA at at least €2.72bn (R54.57bn) in 2025.
Before Tuesday’s rebound, Ferrari shares had lost nearly a fifth of their value since its October 9 capital markets day, with analysts and investors disappointed about the company’s long-term financial targets, which were seen as too conservative.
For 2030, Ferrari guided for net revenue of about €9bn (R180.61bn) and for adjusted EBITDA of at least €3.6bn (R72.24bn).
Reuters
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