Ferrari raises forecasts after record third-quarter earnings

MILAN – Italian luxury sports car maker Ferrari NV has revised its earnings guidance upward after reporting a record third-quarter profit of 141 million euros ($164 million), up 24 per cent over last year.

The company, based in the northern Italian city of Maranello, raised its estimate for full-year earnings before interest, taxes and amortization to around 1 billion euros from above 950 million euros. It lowered estimated debt at the end of 2017 to below 500 million euros.

Revenue in the quarter was up 7 per cent to 836 million euros, helped by the success of 12-cylinder models, notably the four-seat GTC4Lusso and the LaFerrari Aperta convertible. Ferrari reported shipments of 2,046 vehicles, up 68 units from the previous year.

Both Europe and the Americas, the two largest markets, posted 5-per cent increases.