A Ferrari logo is being installed on a Ferrari car at Ferrari’s new ‘e-building’ facility where the luxury sportscar maker is testing lines before an expected start of car production in early 2025, in Maranello, Italy, June 21, 2024.
Daniele Mascolo | Reuters
Ferrari said on Tuesday its core earnings rose 7% in the third quarter, despite a slight decrease in car shipments, as the luxury sports car maker continued to benefit from a richer product offer and increased demand for personalization.
Milan-listed shares in the company, however, extended losses after the results were published, as Ferrari did not upgrade the forecasts for its full-year results it provided in August, including for adjusted EBITDA growing to at least 2.5 billion euros ($2.7 billion).
Its shares were down 3.3%. The shares have risen by more than 40% this year.
Ferrari said in a statement it was now even more confident of hitting its full-year targets.
In the July-September period, the Italian company posted adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of 638 million euros, matching analysts’ average forecast of 635 million in a Reuters poll.
A richer product offer, including stronger pricing power, brought a 60 million euro positive contribution to the quarterly result, the company said in a statement.
This was supported by demand for the 2-million euro, 12-cylinder Daytona SP3, as well as a “few sales” of the limited series, track-only 499P Modificata, which costs 5.1 million euros.
Chief Executive Benedetto Vigna added the company enjoyed “exceptional order book visibility well into 2026.”