Earnings: Ferrari shares slip after it guides slow growth

Total shipments increased 11% to 2,262 units driven by an 11.4% increase in sales of its 8-cylinder models (V8).

Third-quarter earnings, on an adjusted basis, was €0.77 per share, in line with analysts’ estimates. Earnings were helped by a cut-down in the tax rate as a result of the advance agreement on Patent Box inked in September this year with the Italian Revenue Agency.

Revenues edged up 0.3% to a slightly better-than-expected €838 million.

Ferrari races to 18% jump in Q2 profit

For the full year, the company expects net revenues of €3.4 billion as shipments are expected to grow to 9,000 units including hypercars. However, this came in below what analysts had expected, spurring a sell-off on Monday.

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