Luxury sports car maker Ferrari has today slightly raised its forecasts for its full-year core earnings, after beating estimates with its third-quarter results.
Profit growth was driven by a richer product mix and pricing power and by the continuing appeal for added personalisation of vehicles.
This led the Italian company to improve its forecasts, chief executive Benedetto Vigna said.
"The order book remains at highest levels reflecting strong demand across all geographies, covering the entire 2025," he said in a statement.
Ferrari said models of its hybrid 296 and SF90 families drove its deliveries in the third quarter, while the 812 Competizione A and the Purosangue four-seater were in ramp up phase.
The company today guided for its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) growing this year to at least €2.25 billion compared to a previous and already improved forecast of between €2.19 billion and 42.22 billion.
In the three months from July to September, Ferrari's adjusted EBITDA grew 37% to €595m, topping analyst expectations of €560m, according to a Reuters poll.
Analysts at Citi said in a note that Ferrari earnings beat estimates in the third quarter through revenue and despite lower margins compared to the previous quarter.
"Growth momentum remains positive," they said.
Its margin on adjusted EBITDA fell to 38.6% from 40% in the April-June quarter.
