Ferrari Raises Earnings, Revenue Views After Tesla's Big Flop
XAutoplay: On | OffThe sports car icon's adjusted earnings before interest, tax, depreciation and amortisation rose 13% to 266 million euros, above Thomson Reuters estimates of 249 million euros. Revenue grew 7% to 836 million euros, matching forecasts.
Shipments edged up 3% to 2,046 units, with the Europe-Middle East-Africa region seeing a 5% increase to 903 and the Americas up 5% to 736. China, Hong Kong and Taiwan collectively saw a 16% drop to 152, but the rest of the Asia Pacific region rose 7% to 255.
Ferrari now sees full-year adjusted EBIDTA of 1 billion euros, up from a prior view of 950 million, and revenue of 3.4 billion euros, up from 3.3 billion euros.
U.S.-listed shares were down 1.2% at 118.50 in premarket trade on the stock market today. They broke out of a third-stage cup-with handle base with a 117.92 buy point Tuesday and have more than doubled so far this year.
Tesla stock was sank 5% early Thursday after reporting mixed Q3 results and pushed back Model 3 production plans. Since news emerged of Model 3 production bottlenecks, shares of Tesla have breached the 50-day moving average and are now testing the 200-day line.
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Ferrari zipped 8% higher in October after CEO Sergio Marchionne confirmed reports that the company will build its first SUV model, while scotching speculation that Fiat Chrysler may part ways with Jeep. (Marchionne also heads former Ferrari parent, Fiat Chrysler Automobiles.)
The success of Fiat's Ferrari spin-off has led to reports this year that the Italian-American automaker is considering more spins, potentially of its luxury Maserati and Alfa Romeo brands, and of its mass-market Jeep and Ram brands.