Ferrari's IPO now looks pretty smart, as the luxury carmaker posts strong third-quarter earnings
Shares were up 5% ahead of the markets' open, to $54. They had closed on Monday at $51 and are up 7% year-to-date
"Ferrari raised its outlook for the year after reporting a better-than-expected 10 percent rise in third-quarter adjusted core earnings," Reuters reported.
The carmaker increased its pre-EBITA expectations to "around 850 million euros this year, compared to a previous indication of at least 800 million euros," according to Reuters.
Ferrari was spun off from parent Fiat Chrysler Automobiles in a 2015 IPO and has been a car-industry success story in 2016, as other automakers have seen their shares languish.
Ferrari rolled out two new vehicles in 2015-2016, the 488 GTB and the GTC4Lusso, the former a successor to the legendary 458 and the latter a replacement for the all-wheel-drive FF.
The automaker is aiming to increase production over the remaining course of the decade, beyond its traditional 7,000 or so vehicles. Ferrari is targeting growth markets, in Asia and the Middle East while maintaining its historic strength in North America.