Ferrari's core profit rises 7%, helped by product mix, personal touches
Adj EBITDA at 638 mln euros, matching analyst forecasts
Car shipments down 2% in Q3 to 3,383 units
Confirms forecasts for FY 2024 results
Shares down on Tuesday, but up 40% this year
Adds analysts' comments, context
MILAN, Nov 5 (Reuters) -A richer model lineup and increased demand for personalisation continued to support growth at Ferrari RACE.MI, which on Tuesday reported a 7% core earnings increase in the third quarter, despite a slight drop in car shipments.
The addition of new, high-end models that met with strong demand brought a 60 million euro positive contribution to the quarterly result, the luxury sports car maker said in a statement.
This was supported by demand for the 2-million euro, V12 Daytona SP3, as well as a "few sales" of the limited series, track-only 499P Modificata, priced at 5.1 million euros.
Chief Executive Benedetto Vigna said the company enjoyed "exceptional order book visibility well into 2026", with order intake led by the 12Cilindri car family, which was launched in May.
Ferrari, which has promised its first and so far highly secretive fully-electric model for the end of next year, reported its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) totalled 638 million euros ($695 million) in the July-September period, roughly matching analysts' average forecast in a Reuters poll.
Milan-listed shares in the company, which gained around 40% this year, however extended losses after the results were published.
"In the exalted world of Ferrari valuation, Ferrari's third quarter ... results were solid rather than spectacular - and in line with well-communicated consensus," analysts at Citi said in a note.
Ferrari on Tuesday confirmed the full-year forecasts it provided in August, including for EBITDA to reach at least 2.5 billion euros ($2.7 billion), though it said in statement it was now even more confident of hitting its full-year targets.
By 1350 GMT shares were down 5.7%.
In the third quarter, Ferrari shipments declined 2% to 3,383 units, with a 29% decrease in China, where however the company has limited exposure.
Analysts at Bernstein said the dip was not a surprise.
"It does not reflect a demand deficit, but rather demonstrates Ferrari's ability to allocate its shipments to suit its margin aspirations," they said, adding they expected shipments in the fourth quarter above last year's level.
($1 = 0.9178 euros)
Reporting by Giulio Piovaccari
Editing by Keith Weir and Tomasz Janowski
Aset Terkait
Berita Terbaru
Pengungkapan: Entitas XM Group menyediakan layanan khusus eksekusi dan akses ke Fasilitas Trading Online kami, yang memungkinkan Anda untuk melihat dan/atau menggunakan konten yang tersedia pada atau melalui situs, yang tidak untuk mengubah atau memperluas, serta tidak mengubah atau memperluas hal tersebut. Akses dan penggunaan ini selalu sesuai dengan: (i) Syarat dan Ketentuan; (ii) Peringatan Risiko; dan (iii) Pengungkapan Penuh. Oleh karena itu, konten disediakan hanya sebagai informasi umum. Anda juga harus ketahui bahwa konten Fasilitas Trading Online kami bukan sebagai ajakan atau tawaran untuk untuk melakukan transaksi apa pun di pasar finansial. Trading di pasar finansial mana pun melibatkan tingkat risiko yang signifikan pada modal Anda.
Semua materi yang diterbitkan di Fasilitas Trading Online kami hanya untuk tujuan edukasi/informasi dan tidak boleh mengandung nasihat dan rekomendasi finansial, pajak investasi atau trading, catatan harga trading kami, penawaran, permintaan, transaksi dalam instrumen finansial apa pun atau promo finansial untuk Anda yang tidak diminta.
Konten pihak ketiga apa pun, serta konten yang disiapkan oleh XM, seperti opini, berita, riset, analisis, harga, informasi lain atau link ke situs pihak ketiga yang tersedia "sebagaimana adanya", sebagai komentar pasar umum dan bukan menjadi nasihat investasi. Sejauh konten apa pun ditafsirkan sebagai penelitian investasi, Anda harus memperhatikan dan menerima bahwa konten tersebut tidak dimaksudkan dan belum disiapkan sesuai dengan persyaratan hukum yang dirancang untuk mempromosikan kemandirian riset investasi dan dengan demikian akan dianggap sebagai komunikasi pemasaran di bawah hukum dan peraturan yang relevan. Mohon dipastikan bahwa Anda telah membaca dan memahami Notifikasi pada Riset Investasi Non-Independen dan Peringatan Risiko kami mengenai informasi di atas, yang dapat diakses disini.
