Ferrari: confirms guidance, shares down

(CercleFinance.com) - Italian luxury carmaker Ferrari on Friday reported a 14% rise in second-quarter net profit, helped by a jump in shipments to China.


The Maranello-based company said it made a net profit of 184 million euros in the past quarter, compared to 160 million euros in the same period a year ago.

Adjusted EBITDA for the April-June period rose to 314 million euros, from 290 million euros, while revenues increased 9% to 984 million euros, the group added.

Shipments in the quarter rose by 8% to 2,671 vehicles.

In particular, shipments in Mainland China, Hong Kong and Taiwan increased by 63.3% in the quarter, as a result of the decision to accelerate client deliveries in advance of the early introduction of new emission regulations, the auto maker said.

It also confirmed its full-year guidance.

For 2019, Ferrari still expects net revenues to top 3.5 billion euros, with adjusted EBITDA of between 1.2 billion and 1.25 billion euros.

The outlook was not convincing enough for investors however, with the New York-listed shares down 0.4% at 162.3 dollars in early morning trading on Friday.

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