The Prancing Horse announced its results for the third quarter of 2018 on Monday morning: total vehicle deliveries reached 2.262 units, up 10,6%, while net revenues amounted to 838 million, up by 0,3% and 2,2% at constant exchange rates. The EBITDA result was disappointing, stopping at 278 million euros (+4,7%) and failing to meet the expectations of analysts who were expecting a more marked result of 282,3 million. Ebit is worth 203 million (+0,4%).
Maranello explained that the sales growth was mainly driven by “an 11,4% increase in 8-cylinder models (V8), while 12-cylinder models (V12) increased by 7,9%. The growth of V8 models was driven by the growth of deliveries of the Ferrari Portofino. The performance of the V12 models was driven in particular by the 812 Superfast. This result was partly offset by the decline in sales of the LaFerrari Aperta model, which is about to end its limited production cycle".
Quarterly net income jumped 105% to $287 million, but at an adjusted level it grew by 5% to 146 million. Profit was boosted by the agreement with the tax authorities on the Patent Box: "In the quarter, the tax rate was significantly reduced following the preventive agreement to access the preferential tax regime provided for by the Patent Box, signed on 11 September 2018 with the Italian Revenue Agency. The tax benefit for the three-year period 2015-2017 was recognized in the quarter for 141 million, of which 139 million from direct use and 2 million from indirect use of copyrights, patents, trademarks, designs and know-how", specified the company in the press release.
If we look at the data for all of 2018, in the first nine months of the year Ferrari closed the period with a net profit of 596 million euros, up 49% compared to the same period of the previous year. Also in this case there is the positive tax effect of the preferential tax regime, net of which the adjusted net profit shows an increase of 14% to 454 million. Among other data, revenues were stable at 2,575 billion (2,577 previously) and the operating result from 581 to 631 million (+9%). Net industrial debt fell from 473 to 372 million.
Ferrari confirmed the objectives already indicated for 2018: deliveries of over 9.000 units including supercars, net revenues greater than 3,4 billion euros, adjusted ebitda greater than or equal to 1,1 billion, net industrial debt less than 350 million including distribution of dividends to holders of common stock and excluding potential share buybacks. Capital expenditures are expected at 650 million.
In the middle of the day, in a difficult session for Italian banks and which recorded -0,4%, the stock lost 1,39%.
