Ferrari’s earnings rise, but lack of full-year upgrade hits shares
Milan —Ferrari on Monday reported an almost 5% increase in third-quarter core earnings, helped by strong sales of 8-cylinder and 12-cylinder models. However, it stuck with its full-year profit forecast, which hit the company's shares. Ferrari's shares, up 1% just before the results were published, were down 1,3% during afternoon trade. The Italian supercar maker, spun off from parent Fiat Chrysler, has had a run of record earnings, helped by special edition models and a customisations programme. Investors are looking for reassurance that the company can maintain its strong growth achieved under late boss Sergio Marchionne, who more than doubled the value of the group since he took it public in 2015. The unchanged forecast for 2018 adjusted earnings before interest, tax, depreciation and amortisation (ebitda) for at least €1.1bn leaves Ferrari with "an undemanding fourth quarter (flat year-on-year) to meet the low end of this year's guide", Evercore ISI analyst George Galliers said i...
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