Stock Track | Ferrari Stock Slips as Q3 Results Miss Estimates, China Sales Plunge

Stock Track11-05 21:38

Shares of Ferrari NV dropped over 5% in pre-market trading on Monday after the luxury carmaker reported mixed third-quarter results, with revenue and earnings narrowly missing Wall Street estimates as vehicle shipments, particularly in China, declined sharply.

The Italian automaker said its Q3 net revenue rose 6.5% year-over-year to €1.64 billion ($1.78 billion), slightly below analysts' expectations of around €1.66 billion. Adjusted earnings per share came in at €2.08, missing the consensus estimate of €2.18.

The miss in top- and bottom-line figures was largely attributed to a 2.2% decline in total vehicle shipments to 3,383 units during the quarter. While shipments grew modestly in Europe and the rest of Asia Pacific, deliveries plunged 29% in mainland China, Hong Kong and Taiwan, reflecting continued challenges in Ferrari's key Chinese market.

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