MILAN (Reuters) – Luxury car maker Ferrari slightly raised its annual operating profit forecast on Thursday after beating estimates in the third quarter.
Ferrari now expects its adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) to increase this year to at least 2.25 billion euros ($2.39 billion), up from a previous forecast already revised upwards from 2.19 to 2.22 billion euros.
Ferrari shares listed in Milan rose to their highest ever level on Thursday, gaining 4.53% to 300.20 euros at 1:50 p.m. GMT.
During the July-September period, the group’s EBITDA increased by 37% to 595 million euros, exceeding analysts’ expectations of 560 million euros, according to a Reuters poll.
Its adjusted Ebitda margin fell to 38.6% from 40.0% in the April-June quarter.
The increase in profit during the period is explained by the enrichment of the product assortment and pricing power, as well as the continued demand for vehicle customization.
This development allowed the Italian company to improve its forecasts, said its managing director Benedetto Vigna.
“The order book remains at high levels, reflecting strong demand across all geographies, covering the entire 2025 period,” it said in a statement.
Ferrari’s 296 and SF90 hybrid family models boosted deliveries in the third quarter, the group said, while the 812 Competizione A and four-seat Purosangue were in the launch phase.
(Reporting Giulio Piovaccari; Dagmarah Mackos, editing by Kate Entringer)
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