Quarterly earnings race ahead at Ferrari

(Sharecast News) - Ferrari reaffirmed its full-year outlook on Tuesday, after quarterly earnings at the luxury car maker powered ahead. The Italian sports car manufacturer posted net revenues of €1.77bn in the three months to September end, up 7% year-on-year, after it shipped 3,401 units during the quarter.

Shipments to the Americas and mainland China fell by 2% and 12% respectively. But Ferrari's biggest market - Europe and the Middle East - posted a 2% increase to 1,449.

Net profits rose 2% to €382m, overtaking analyst expectations for €367m.

Benedetto Vigna, chief executive, said: "We continue to advance with conviction and strong visibility on our development path.

"We have defined a clear trajectory in the long-term interests of our brand, setting the floor for sustainable growth toward 2030."

Looking to the rest of the year, Ferrari reiterated its guidance, which it last revised during a capital markets day last month.

It currently expects annual earnings before interest and tax to come in at €2.06bn on revenues of €7.1bn.

The company flagged a "stronger" product mix and personalisations going forward, as well as lower industrial costs, despite higher US tariffs and currency headwinds.

As at 1530 GMT, Ferrari's shares were up 3% in both Milan and New York.