X

Earnings: Ferrari shares slip after it guides slow growth

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.

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.

 

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Tags: Automobile
Related Post