Ferrari posts strong 3rd quarter earnings and ups guidance for 2019

Business Insider/Jessica TylerThe Ferrari 812 Superfast.
  • Ferrari posted a solid third quarter for earnings and raised its outlook for the full year.
  • Both its Portofino and 812 Superfast models aided in the result.
  • Shares of Ferrari moves up both in Milan and New York.

Ferrari has been on a tear, and even its No. 2 standing behind Ferrari in Formula One can’t undermine the company’s ongoing financial performance.

On Monday, Ferrari raised its 2019 outlook after strong sales of its Portofino and 812 Superfast sportscars produced what it called “solid” third quarter results, Reuters reported.

The Italian luxury carmaker said that pre-EBITA adjusted earnings would be around 1.27 billion euros ($US1.42 billion) this year, topping a previous forecast of 1.2-1.25 billion euros, Reuters reported.

Reuters added that “Milan-listed shares in Ferrari rose by more than 6% to a new all-time high of 153.70 euros after its results.”

On the NYSE, the stock rose 6% pre-market, to $US171.

(Reuters reporting by Giulio Piovaccari; editing by Alexander Smith)

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.