Ferrari closed the third quarter of 2017 with a net profit of 141 million euros (consensus of 128 million), up 24% compared to the same period last year. Adjusted net income also increased 24% to $141 million. Revenues, on the other hand, increased by 6,7%, to 836 million euros (+9,3% at constant exchange rates, consensus at 828 million), while EBITDA increased by 13%, to 266 million (31,8% ebitda margin) and the ebit of 17%, to 202 million. Net industrial debt decreased to 485 million euros from 627 million at June 30, 2017.
Ferrari also raised its estimates for the full year. Deliveries will be around 8.400 vehicles (including supercars), as already estimated, while net revenues are now expected to be around 3,4 billion euros (3,3 billion the previous forecast). Adjusted EBITDA is expected to be around €1 billion, up on the previous estimate of just over €950 million. Net industrial debt is expected to fall below 500 million euro (around 500 million was the previous estimate).
Despite these positive numbers, the Ferrari stock - after a suspension in the volatility auction at -4% - dropped more than 3%, recovering 100 euros. In the last month the share has risen by 11%, in six months it has appreciated by 50%.
Speaking of the guidance for the whole of 2017 during the conference call with analysts, the CEO of the prancing horse said that the data entered will be "the minimum we will reach", given that they are "conservative" estimates.
The Ferrari CEO also announced that the automaker will launch "other products" in 2018 that will have an "economic impact" on results. Marchionne finally confirmed that for the future the commitment to hybrids will be both "to reduce emissions" and to "increase the power" of the cars.
(Last update. 17.33).
