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 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.
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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.
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.
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