Ferrari (RACE 117.53, -2.00, -1.67%) held a pre-market loss of 2.5%
after missing earnings expectations and reaffirming guidance.
The manufacturer of luxury performance vehicles reported
below-consensus third quarter earnings of EUR0.77 per share on revenue that
edged up 0.2% year/year to EUR838 mln but was also shy of expectations.
Ferrari shipped 2,262 vehicles during the quarter,
representing year/year growth of 10.6%. Shipments increased in every geographic
region with sales of V12 models increasing 7.9% while shipments of V8 models
grew 11.4%. V12 sales were driven by higher sales of the 812 Superfast while V8
sales were supported by sales of Ferrari Portofino.
Shipments to Europe, the Middle East, and Africa increased
11.3% year/year to 1,005 units, lifting the growth rate for the first nine
months of the fiscal year to 8.3%. Shipments to the Americas grew 4.6%
year/year to 770 units, which was roughly in-line with the rate observed
earlier in the fiscal year.
Shipments to China, Hong Kong, and Taiwan increased 6.6%
year/year to 162 units, but that represented a slowdown in growth, reducing the
region's shipment growth rate for the first nine months of the fiscal year to
15.2% from 19.6% as of the six months ended June 30. Shipments to the rest of
Asia-Pacific grew 27.5% year/year for the quarter to 325 units.
The company generated EUR100 mln of cash from industrial
activities, down from EUR147 mln generated one year ago.
The third quarter shortfall did not deter the company from
confirming its guidance for the fiscal year. The company expects to have
shipped more than 9,000 vehicles by the end of the fiscal year with net revenue
exceeding EUR3.4 bln. Adjusted EBITDA is expected to exceed or be equal to
EUR1.1 bln.