Tags: EU | Italy | Earns | Ferrari

Ferrari Raises Forecasts after Record Third-quarter Earnings

Thursday, 02 November 2017 07:38 AM

MILAN (AP) — Italian luxury sports car maker Ferrari NV has revised its earnings guidance upward after reporting a record third-quarter profit of 141 million euros ($164 million), up 24 percent over last year.

The company, based in the northern Italian city of Maranello, raised its estimate for full-year earnings before interest, taxes and amortization to around 1 billion euros from above 950 million euros. It lowered estimated debt at the end of 2017 to below 500 million euros.

Revenue in the quarter was up 7 percent to 836 million euros, helped by the success of 12-cylinder models, notably the four-seat GTC4Lusso and the LaFerrari Aperta convertible. Ferrari reported shipments of 2,046 vehicles, up 68 units from the previous year.

Both Europe and the Americas, the two largest markets, posted 5-percent increases.

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Italian luxury sports car maker Ferrari NV has revised its earnings guidance upward after reporting a record third-quarter profit of 141 million euros ($164 million), up 24 percent over last year.The company, based in the northern Italian city of Maranello, raised its...
EU,Italy,Earns,Ferrari
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2017-38-02
Thursday, 02 November 2017 07:38 AM
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