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Ferrari expects higher revenue driven by Portofino, 812 Superfast

The Italian luxury carmaker upgraded its full-year revenue guidance to €3.7bn from €3.5bn

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.

Quick facts: Ferrari

Price: 173.26 USD

NYSE:RACE
Market: NYSE
Market Cap: $43.18 billion
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