Ferrari: shares jump after raised guidance for 2019
(CercleFinance.com) - Shares of Italian sports carmarker Ferrari are up almost 6% on Monday after the Maranello-based company said it had raised its full-year guidance on the back of its third-quarter results.
The group said it now expects net revenues of about 3.7 billion euros this year, up from a previous guidance of over 3.5 billion euros.
Ferrari also said that it now expects adjusted EBITDA of approximately 1.27 billion euros, compared to 1.2 billion-1.25 billion euros previously.
In the third quarter, its shipments rose to 2,474 units, up 212 units or 9.4% year-on-year.
As a result, net revenues rose by 9.2% to 915 million euros, up 7.1% at constant exchange rates.
Its third-quarter adjusted income rose to 227 million euros, up 11.7% as reported, or up 4.4% at constant exchange rates, due to higher volumes and a positive mix.
Copyright (c) 2019 CercleFinance.com. All rights reserved.