Categories Earnings, Other Industries
Ferrari (RACE) Q3 earnings jump on strong shipments; lifts FY19 outlook
Sports car maker Ferrari N.V (NYSE: RACE) reported higher earnings and revenues for the third quarter of 2019. There was a 9.4% growth in shipments. The company also raised its full-year guidance. The stock gained about 5% during Monday’s pre-market trading session, immediately after the announcement.
Revenues up 9%
The Italian automaker reported revenues of EUR 915 million for the September-quarter, up 9.2% from last year.
Cars and spare parts revenue climbed 15% annually to EUR 708 million, supported by the Ferrari Portofino, 812 Superfast, 488 Pista and the ramp up of the 488 Pista Spider. Meanwhile sales of 488 GTB and the 488 Spider declined. The top-line growth was also supported by positive contribution from personalization programs.
Shipments
Shipments jumped 9.4% annually to 2,474units. It was driven by a 9.5% increase in the sales of the company’s 8 cylinder models and a 9% increase in sales of 12 cylinder models.
Also see: Tesla reports surprise profit for Q3
Driven by the strong deliveries, adjusted earnings climbed 17% annually to $0.90 per share. At EUR 311 million, adjusted EBITDA was up 11.5%. Reported net income, meanwhile, dropped to EUR 169 million or EUR 0.90 per share from EUR 289 million or EUR 1.51 per share in the third quarter of 2018.
Outlook
Buoyed by the positive results, the management raised its full-year revenue guidance to EUR 3.7 billion from the earlier out look of EUR 3.5 billion. Currently, adjusted EBITDA is expected to be EUR 1.27 billion in 2019, up from the previous forecast of EUR 1.2-1.25 billion. The earnings guidance has been revised up to the range of EUR 3.70 per share to EUR 3.75 per share from EUR 3.50-3.70 per share. The company is looking for industrial free cash flow of EUR 0.6 billion.
Shares of Ferrari climbed 54% since the beginning of the year. They closed the last trading session higher and continued to gain during the pre-market session on Monday.
Most Popular
Intensity Therapeutics is establishing a new field of localized cancer reduction: CEO
Intensity Therapeutics, Inc. (NASDAQ: INTS) is a clinical biotechnology company engaged in the discovery development, and commercialization of first-in-class cancer drugs that attenuate tumors with minimal side effects while training
INTU Earnings: Intuit Q1 2025 adj. profit rises on higher revenues
Financial technology company Intuit Inc. (NASDAQ: INTU) Thursday announced results for the first quarter of 2025, reporting a modest increase in adjusted earnings. The Mountain View-headquartered company’s first-quarter revenue came
Riding the AI wave, Nvidia looks set to stay on the high-growth path
After delivering strong results for the third quarter, Nvidia Corporation (NASDAQ: NVDA) this week said the launch of its new-generation Blackwell chip is on track. The company is thriving on
