MILAN — Ferrari is lifting its profit forecast for full-year results, including for core earnings, after beating expectations in the third quarter supported by a double-digit increase in shipments.
The company however struck a more cautious tone on the margin on those core earnings, now seen at around 35 percent for this year, versus a previous guidance of over 35 percent, the automaker said on Wednesday.
Ferrari said industrial costs and research and development expenses increased in the past quarter mainly due to higher depreciation and amortization and cost inflation.
The automaker said its adjusted earnings before interest, tax, depreciation and amortization would grow this year to over 1.73 billion euros ($1.71 billion), versus an already improved forecast of 1.70-1.73 billion euros it provided three months ago.
In the third quarter, adjusted EBITDA rose 17 percent to 435 million euros.
The automaker has said it could soon close the order book for its first four-door production model, the Purosangue, because of overwhelming demand for the SUV-like vehicle. The Purosangue will begin deliveries in Europe next year.