Ferrari Q3 Profit Rises; Now Sees FY Adj. EPS At Top End Of Prior Range

(RTTNews) - Ferrari N.V. (RACE) reported that its net profit for the third quarter ended September 30, 2020 increased to 171 million euros or 0.92 euros per share from 169 million euros or 0.90 euros per share in the prior year.

But, net revenues for the third quarter were 888 million euros, down 3.2% at constant currency. Core business revenues were up 2.6% driven by the deliveries of the Ferrari Monza SP1 and SP2.

Shipments were 2,313 units in the third quarter of 2020, down 161 units or 6.5% from prior year, driven by the cadence of the company's full year production plan, which projects a recovery of 500 units out of the 2,000 lost following the seven-week production suspension due to the Covid-19 pandemic.

The company revised its 2020 guidance to the top end of the prior guidance. It is subject to trading conditions unaffected by further Covid-19 pandemic restrictions.

The company now expects annual adjusted earnings per share to be about 2.8 euros, compared to the prior outlook of 2.6 euros - 2.8 euros per share.

The company still expects annual net revenues to be more than 3.4 billion euros.