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Bullish Q3 results see Ferrari lift annual forecasts

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Ferrari said on Wednesday it was improving its forecasts for full-year results, including for core earnings, after beating expectations in the third quarter, supported by a double-digit increase in shipments.

Ferrari said its adjusted earnings before interest, tax, depreciation and amortisation would grow this year to more than €1.73bn , vs an already improved forecast of €1.70bn to €1.73bn But the company added margin on adjusted EBITDA was now seen at about 35% for this year, vs a previous guidance of more than 35%.

Milan-listed shares in the company fell as much as 3.5% after results were released. By 1345 GMT they were down 2.4%. “We continue to manage an outstanding order book: with the exception of few models, our entire range is sold out,” Ferrari CEO Benedetto Vigna said.

Source: News Formal (newsformal.com)

 

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