On June 21, 2024, Ferrari’s new “electronic architecture” factory in Maranello, Italy, is installing the Ferrari logo on a Ferrari car. The luxury sports car manufacturer is testing the production line at the factory and is expected to launch it in 2025. Production of cars began at the beginning of the year.
Daniel Mascolo | Reuters
ferrari The luxury sports car maker said on Tuesday its third-quarter core profit rose 7% despite a slight decline in vehicle shipments, as the luxury sports car maker continued to benefit from a richer product offering and increased demand for personalization.
However, the company’s Milan-listed shares widened losses following the results, as Ferrari did not upgrade the full-year forecast it provided in August, which included a rise in adjusted EBITDA to at least 2.5 billion euros ($2.7 billion).
Its shares fell 3.3%. The stock has risen more than 40% this year.
Ferrari said in a statement that it was now more confident of achieving its full-year targets.
The Italian company reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of 638 million euros in the July-September period, in line with the average forecast of 635 million euros by analysts in a Reuters poll.
The company said in a statement that a broader product offering, including stronger pricing power, had a positive contribution of 60 million euros to quarterly results.
This was helped by demand for the 12-cylinder Daytona SP3, which costs €2 million, and “small sales” of the limited-edition track-only 499P Modificata, which costs €5.1 million.
CEO Benedetto Vigna added that the company “enjoys excellent order visibility until 2026.”
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