Ferrari N.V. (NYSE: RACE) reported its third quarter financial results on Monday during pre-market hours. The auto manufacturer reported better-than-expected earnings and raised its guidance, sending shares 6.7% higher before the opening bell.
For the quarter, Ferrari reported earnings of EUR 0.90 (USD 1.00) on revenues of EUR 915 Million (USD 1.2 Billion). Zacks Investment Research called for earnings of USD 0.93 per share.
The stronger-than-expected quarter led to a 9.2% increase in revenue year-over-year. Meanwhile, adjusted earnings rose by 16.9% year-over-year.
Adjusted EBITDA was EUR 311 Million at the end of the quarter, increasing by 11.5% year-over-year. Industrial free cash flow generation totaled EUR 138 Million.
For the remainder of the year, Ferrari is expecting earnings of approximately EUR 3.70 to EUR 3.75 per share on revenues of around EUR 3.7 Billion. Ferrari’s new guidance is revised from its previous forecast of earnings between EUR 3.50 to EUR 3.70 per share on revenues of EUR 3.5 Billion.
Additionally, Ferrari is forecasting adjusted EBITDA of approximately EUR 1.27 Billion, raised from its previous expectation range of EUR 1.2 Billion to EUR 1.25 Billion.
Lastly, industrial free cash flow is expected to be EUR 0.6 Billion, revised from Ferrari’s previous expectations of EUR 0.55 Billion.