Ferrari raises earnings forecast on strong deliveries

Ferrari has raised its earnings forecast, citing a robust third-quarter performance including a 9% increase in deliveries. The sportscar maker said Monday that net profit was 169 million euros ($188 million). That was down from 287 million euros a year earlier when Ferrari benefited from a one-off tax benefit.

The Italian company said earnings before interest, taxes, and amortization rose 11% to 311 million euros. It raised its full-year forecast for net revenues to 3.7 billion euros, from 3.5 billion euros previously. It lifted its prediction for earnings before interest, taxes, and amortization to 1.27 billion euros from 1.25 billion euros.

Deliveries rose to 2,474 vehicles, lifted by the Ferrari Portofino and the 812 Superfast. Deliveries rose by double-digits in Europe, were flat in the Americas and dipped 2% in greater China.