Ferrari deliveries drop in China

Business | 5 Nov 2019 3:57 pm

Ferrari raised its earnings forecast yesterday, citing a robust third-quarter performance including a 9 percent increase in deliveries.

The supercar maker raised its full-year forecast for net revenues to 3.7 billion euros, from 3.5 billion euros previously. It lifted its prediction for earnings before interest, taxes and amortization to 1.27 billion euros from 1.25 billion euros.

In the third quarter, earnings before interest, taxes and amortization grew by 11 percent to 311 million euros. Revenues increased by 9 percent to 915 million euros.

Deliveries hit 2,474 vehicles, lifted by the Ferrari Portofino and the 812 Superfast. They were up by double-digits in Europe, were flat in the Americas and dipped 2 percent in greater China. Full-year volumes will be in the 10,000-region.

Ferrari has unveiled four new models this year as it renews a product portfolio, and will preview a fifth next Wednesday at an event in Rome.

 

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