During the quarter, shipments grew across all regions with the highest growth of 31% in EMEA. Revenues grew year-over-year in Cars and spare parts as well as in Sponsorship, commercial and brand. Engines revenue dropped 30% on a constant currency basis while Other revenues fell 31%.
For full-year 2019, net revenues are expected to grow over 3% to more than EUR 3.5 billion. Adjusted EPS is expected to grow around 6% to between EUR 3.50 and EUR 3.70. Industrial free cash flow is expected to grow over 10% to EUR 0.45 billion.
In September, Ferrari outlined its long-term financial targets. These include plans to increase its dividend payout ratio to 30%, along with a share repurchase program of EUR 1.5 billion to be executed over the 2019-2022 period in relation to the growth of its industrial free cash flow.