Ferrari (RACE) shares fell 2.5% during pre-market trading on Monday after it disappointed with full-year guidance. Meanwhile, third-quarter adjusted earnings improved 4% on broad-based regional growth as well as a jump in shipments.
Sales grew highest in the Rest of APAC region during the third-quarter, registering a year-over-year 27% growth. This was followed by EMEA with 11%; China, Hong Kong, and Taiwan with 7% and the Americas with 5%.
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.
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.
Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.
Most Popular
Netflix (NFLX) Q1 2024 profit tops expectations; adds 9.3Mln subscribers
Streaming giant Netflix, Inc. (NASDAQ: NFLX) Thursday reported a sharp increase in net profit for the first quarter of 2024. Revenues were up 15% year-over-year. Both numbers exceeded Wall Street's
PepsiCo (PEP) to report Q1 earnings next week. Here’s what to expect
PepsiCo, Inc. (NASDAQ: PEP) is preparing to report first-quarter results on April 23, before the opening bell. Of late, the food and beverage giant has been busy aligning its business
What to expect when Southwest Airlines (LUV) reports Q1 2024 earnings results
Shares of Southwest Airlines Co. (NYSE: LUV) were up 2% on Thursday. The stock has dropped 8% over the past one year. The airline is scheduled to report its first
