Ferrari matches Q3 expectations, but the stock is slipping ahead of markets open
- Q3 earnings were in line with expectations.
- The carmaker said full-year earnings should come in slightly higher.
- The stock is up over 100% year-to-date.
Italian luxury sportscar maker Ferrari nudged up its full-year guidance on Thursday, but the modest lift and an expected 13 percent rise in quarterly core earnings disappointed the market, with shares slipping in pre-market trading on the NYSE.
Ferrari said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in July-September rose to 266 million euros ($310 million), roughly in line with a Thomson Reuters SmartEstimate of 249 million euros.
Quarterly revenues were up 7 percent to 836 million euros, in line with expectations, helped by sales of its 12-cylinder models such as the GTC4Lusso and the recently-launched LaFerrari Aperta hybrid convertible.
Ferrari said it now expects to report a full-year adjusted EBITDA of around 1 billion euros, up from a previous forecast of above 950 million euros, but analysts said this was still conservative.
Revenues are seen at around 3.4 billion euros, up from a previous forecast of more than 3.3 billion. ($1 = 0.8587 euros) (Reporting by Agnieszka Flak)
