Ferrari N.V. (NYSE: RACE) shares up 7 percent after the producer and seller of luxury performance sports cars announced its consolidated preliminary results for the third quarter and nine months ended September 30, 2020.
Ferrari’s net revenues for the third quarter of 2020 were Euro 888 million, down 3.2% at constant currency.
The company reported shipments totaled 2,313 units in the third quarter of 2020, down 161 units or 6.5% versus prior year, driven by the cadence of the Company’s full year production plan, which projects a recovery of 500 units out of the 2,000 lost following the seven-week production suspension due to the Covid-19 pandemic.
More specifically, sales of 8 cylinder models (V8) were down 12.8% while the 12 cylinder models (V12) increased by 15.4%. The F8 Spider and the 812 GTS are in the ramp up phase reaching mainly EMEA (Europe, the Middle East and Africa), gradually offsetting the 488 Pista family and the Ferrari Portofino which have essentially reached the end of their lifecycle.
The Ferrari Monza SP1 and SP2 continue to be delivered as originally scheduled. Deliveries of the SF90 Stradale and the Ferrari Roma are on track to start in Q4 2020. Quarterly shipments were affected by the deliberate geographic allocations driven by the phase-in pace of individual models. As a result, EMEA increased by 12.7%, Americas was down by 34.7%, Mainland China, Hong Kong and Taiwan posted a decrease of 25.2%, while Rest of APAC was in line with prior year.