logo-loader

Ferrari expects higher revenue driven by Portofino, 812 Superfast

Published: 08:55 04 Nov 2019 EST

Ferrari - Ferrari expects higher revenue driven by Portofino, 812 Superfast
Declines in 488 models offset the positive performance of the Portofino and 812 Superfast

Ferrari NV’s shares (NYSE:RACE) hit all-time highs on Monday following “solid” quarterly results led by strong sales of the Ferrari Portofino and the 812 Superfast models.

The Italian luxury carmaker upgraded its full-year revenue guidance to €3.7bn from €3.5bn, with adjusted underlying earnings (EBITDA) expected to come in at £1.2bn, with a 34% margin.

READ: Gfinity's London arena plays host to Ferrari's first foray into esports

In the third quarter ended 30 September, Ferrari's net revenues and shipments were both up 9% year-on-year, to €915mln and 2,474 respectively.

A decline in 488 models offset the positive performance of the Portofino and 812 Superfast, with the 488 GTB and the 488 Spider now phased out.

The company's adjusted EBITDA jumped 11% to €311mln, benefiting from personalised products and the first deliveries of the Ferrari Monza SP1 and SP2.

Ferrari shares were up 6% to US$171.44 in pre-market trading in New York, having closed at US$161.38 on Friday.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

3 hours, 56 minutes ago