Ferrari Net Profit Rises 62%

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The FINANCIAL — Ferrari NV said on October 28 that its third-quarter net profit surged 62% as the Italian company boosted shipments of its luxury sports cars, according to Nasdaq.

Net profit rose to €94 million (about $104 million) compared with €58 million in last year’s third quarter. Revenue rose 9.2% to €723 million helped in part by currency fluctuations.

The results are in line with forecasts Ferrari included in the prospectus for its initial public offering published earlier this month. The company has been trading on the New York Stock Exchange since last week.

Ferrari sold 1,949 cars in the quarter, 21% more than the same period last year.

Ferrari said that it expects to sell 7,700 cars this year compared with about 7,200 last year. Revenue is expected to be €2.8 billion and adjusted gross operating profit between €725 million and €745 million. Net debt at the end of the year is expected to be between €1.98 billion and €2.03 billion.

 

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