By Mauro Orru


Ferrari posted higher sales and earnings in the third quarter and said it was more confident that it would hit its annual guidance, racing ahead of other car makers that are grappling with weakening sales amid a slower-than-expected shift to electric vehicles and challenges in China.

The Italian luxury sports-car maker reported 1.64 billion euros ($1.78 billion) in sales, up 7% on year even though the company shipped 3,383 vehicles to customers--76 fewer than a year earlier. Analysts had forecast nearly 1.66 billion euros in sales and about 3,453 shipments, according to consensus estimates by Visible Alpha.

After-tax profit grew to 375 million euros from 332 million euros. Analysts had forecast after-tax profit of 358.3 million euros, according to Visible Alpha.

Adjusted earnings before interest and taxes--one of Ferrari's preferred measures of profitability--increased to 467 million euros from 423 million euros, generating a 28.4% margin. Meanwhile, adjusted earnings before interest, taxes, depreciation, and amortization rose to 638 million euros from 595 million euros, generating a 38.8% margin.

Analysts had forecast adjusted EBIT of 467.56 million euros and adjusted Ebitda of 645.70 million euros.

For the year, Ferrari said it continued to expect sales of more than 6.55 billion euros, adjusted EBIT of at least 1.82 billion euros and adjusted Ebitda of at least 2.50 billion euros.


Write to Mauro Orru at mauro.orru@wsj.com


(END) Dow Jones Newswires

11-05-24 0720ET