Luxury carmaker Ferrari beats third-quarter profit expectations as reveunes jump

Luxury carmaker Ferrari on Tuesday reported stronger-than-expected third-quarter profit, with net revenues jumping more than 7% compared to the same period last year.

The Maranello, Italy-based sports car manufacturer posted net profit of 382 million euros ($439.5 million) for the July-September period, reflecting a nearly 2% increase from the same period last year.

Analysts had expected first-quarter net profit to come in at 367.33 million euros, according to an LSEG compiled consensus.

Ferrari’s third-quarter net revenues came in at 1.77 billion euros, up 7.4% compared to the same period a year ago, with total shipments of 3,401 units.

“We continue to advance with conviction and strong visibility on our development path,” Ferrari CEO Benedetto Vigna said in a statement.

“At our Capital Markets Day, we have defined a clear trajectory in the long-term interests of our brand, setting the floor for sustainable growth toward 2030,” he added.

Ferrari also reaffirmed its 2025 profit guidance, which had been revised upwards during its Capital Markets Day event on Oct. 9.

The automaker said it expects net revenues of at least 7.1 billion euros this year, up from a previous forecast of more than 7 billion euros. It cited a stronger product mix and personalizations, as well as lower-than-expected industrial costs in the second half of the year.

The results come shortly after Ferrari notched its worst-ever trading day. The firm’s share price tumbled 15.4% on Oct. 9, closing at 354 euros, as its 2030 guidance fell short of analyst expectations.

The stock price fall marked the automaker’s steepest daily loss since it publicly listed on the Milan stock exchange in early 2016.