Ferrari reiterates guidance as China deliveries fall sharply

Dow Jones11-05 20:49

MW Ferrari reiterates guidance as China deliveries fall sharply

By Steve Goldstein

Ferrari on Tuesday reiterated guidance that it had increased earlier in the year as the sports-car maker said shipments fell sharply in China in the third quarter.

Ferrari shares (IT:RACE) $(RACE)$ fell 3% in Milan though they have gained 39% this year.

Ferrari says it's still seeing annual adjusted earnings per share above EUR7.90 on revenue of more than EUR6.55 billion ($7.1 billion) and industrial free cash flow of up to EUR950 million.

Analysts polled by FactSet had estimated annual earnings of EUR8.06 per share on sales of EUR6.6 billion.

The Maranello, Italian company said its third-quarter profit rose 13% to EUR275 million, or EUR2.08 per share, as revenue rose 7% to EUR1.64 billion. Analysts expected earnings of EUR1.99 a share on sales of EUR1.65 billion.

Shipments fell 2% - including a 29% drop in mainland China, Hong Kong and Taiwan - though shipments grew in the rest of Asia and in Europe, the Middle East and Africa.

Revenue grew due to the product and country mix as well as increased personalizations, Ferrari said.

-Steve Goldstein

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 05, 2024 07:49 ET (12:49 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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