MILAN (Reuters) – Ferrari <RACE.MI> raised its full-year forecasts on Monday after strong sales of its Portofino and 812 Superfast sportscars produced “solid” third quarter results, lifting its shares.
The Italian luxury carmaker said its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) would be around 1.27 billion euros (1 billion pounds) this year, topping a previous forecast of 1.2-1.25 billion euros.
Milan-listed shares in Ferrari rose by more than 6% to a new all-time high of 153.70 euros after its results.
Ferrari also increased its outlook on 2019 revenue to about 3.7 billion euros, from a previous forecast of more than 3.5 billion euros, and on its industrial free cashflow.
Shipments in the third quarter rose 9.4% year-on-year to 2,474 vehicles, driven by a 9.5% increase in sales of 8-cylinders models, such as the Portofino, and a 8.9% rise in higher margin 12-cyilinder models, such as the 812 Superfast.
In the July-September period, Ferrari’s adjusted EBITDA rose 11% to 311 million euros, broadly in line with analyst expectations, according to a Reuters survey.
(Reporting by Giulio Piovaccari; Editing by Alexander Smith)