Ferrari raises profit target as Q3 earnings beat analyst forecasts
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Milan
FERRARI NV raised its 2016 profit target after third-quarter earnings beat analyst expectations on initial deliveries of the US$2.1 million LaFerrari Aperta.
The company raised its forecast for full-year adjusted earnings before interest, taxes, depreciation and amortisation to about 850 million euros (S$1.3 billion) from its previous target of at least 800 million euros, Ferrari said in a statement on Monday. Third-quarter adjusted Ebit jumped 23 per cent to 172 million euros, beating an average estimate of 144 million euros from five analysts surveyed by Bloomberg. The stock jumped as much as 5.8 per cent, the biggest gain since February.
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