Ferrari matches Q3 expectations, but the stock is slipping ahead of markets open

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Ferrari

    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)

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