Saturday, 27 April 2024
Strong sales of Ferrari’s (RACE.MI) Portofino and 812 Superfast models helped the Italian luxury carmaker raise its 2019 forecasts on Monday, powering its shares to a record high.
Ferrari’s Milan-listed shares rose as much as 7.4% to an all-time high of 155.15 euros after it reported “solid” third quarter results, and were up 6.1% by 1330 GMT.
The ‘Cavallino Rampante’, or ‘Prancing Horse’, known for its racing pedigree and roaring engines, is pursuing an aggressive roll-out of new premium models to sustain its solid growth.
Ferrari said its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) would be around 1.27 billion euros ($1.42 billion) for the full year, topping a previous forecast of 1.2-1.25 billion euros.
The carmaker also increased its outlook on 2019 revenue to about 3.7 billion euros, from a previous forecast of more than 3.5 billion euros, and on its industrial free cashflow.
Aware of her elements, Neha writes the best articles across industries including electronics & semiconductors, automotive & transportation and food & beverages. Being from the finance background she has the ability to understand the dynamics of every industry and analyze the news updates to form insightful articles. Neha is an energetic person interested in music, travel, and entertainment. Since past 5 years, she written extensively on sectors like technology, finance and healthcare.
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