A GOOD YEAR: Ferrari is looking at another stellar year with increases in many of its business models and ventures. Image: QuickPic
Milan - Italian luxury sports car maker Ferrari NV revised its earnings guidance upward on Monday after reporting a record third-quarter profit of €113-million (R1.6-billion, est.), up 20% over last year.
The company, based in the northern Italian city of Maranello, raised its estimate for full-year earnings before interest, taxes and amortization to above €850-million from above €800-million euros previously. It lowered its estimated debt at the end of the year to below €700-million.
Revenue in the quarter was up 8% to €783-million, helped by the success of 12-cylinder models, notably the F12tdf, the four-seat GTC4Lusso and the newly launched LaFerrari Aperta convertible.
Third quarter: 1978 units sold
The company also reported higher engine revenues on Maserati sales and rentals to other Formula 1 teams, as well as an increase in sponsorship and brand earnings, attributed to Ferrari's improved showing on the F1 circuit.
Ferrari reported shipments of 1978 vehicles, up 29 units from the previous year.
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By region, sales rose in Europe, the Americas and greater China, while decreasing in the rest of Asia due to logistical delays caused by a shipment carrier.
The group confirmed its forecast of shipments for the year at around 8000 units, with revenues above €3-billion.
Shares rose 5% in Milan on Monday, to €48.53. The stock has risen 11% since the beginning of the year, when it spun off from mass-market parent Fiat Chrysler.
In New York trading, Ferrari shares have increased slightly more than 6% since the beginning of the year. The stock has dropped slightly more than 1 percent in the last 12 months.