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Ferrari Q3 earnings jump on higher vehicle shipments
[MILAN] Luxury carmaker Ferrari, which debuted on Wall Street last week, on Wednesday reported a 22 percent rise in third-quarter adjusted core profit, as a jump in sportscar shipments offset lower sales of engines to sister brand Maserati.
Ferrari said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the July-September period rose to 213 million euros, while revenues increased 9 percent to 723 million euros. Shipments in the quarter were up 21 percent to 1,949 vehicles.
For 2015, Ferrari expects deliveries to reach 7,700 vehicles and adjusted EBITDA of between 725-745 million euros. Net debt is expected at between 1.98-2.03 billion euros, it said.
Parent Fiat Chrysler Automobiles sold 10 percent of Ferrari in an initial public offering, securing the maker of supercars such as the 1 million euro LaFerrari a stock market value of US$9.8 billion.
While FCA has sought to position Ferrari as a luxury goods business with the high-flying trading multiples of companies such as Hermes and Prada, analysts wonder whether the small-volume, capital-intensive carmaker can sustain the high valuations beyond its racy market debut.