Stock Track | Ferrari Stock Plunges as Q3 Earnings Miss on Weak China Sales

Stock Track11-05 23:12

Shares of luxury carmaker Ferrari NV plummeted over 6% on Monday after the company reported mixed third-quarter results, with earnings and revenue narrowly missing Wall Street estimates due to a sharp decline in vehicle shipments to China.

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

The miss in top- and bottom-line figures was largely driven by a 2.2% year-over-year decrease 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 a staggering 29% in mainland China, Hong Kong and Taiwan – Ferrari's key growth market.

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