Ferrari Q3 Profit Rises; Lifts 2016 Outlook

(RTTNews) - Ferrari N.V. (RACE) reported that its net profit for the third-quarter was 113 million euros, up 20 percent from 94 million euros in the prior year, while quarterly earnings per share improving to 0.59 euros from 0.50 euros last year.

For 2016, the company now expects net revenues to be more than 3 billion euros, adjusted EBITDA of about 850 million euros, Shipments of about 8,000 units including supercars. Previously, the company expected annual net revenues of about 3 billion euros, adjusted EBITDA of greater than or equal to 800 million euros, Shipments more than 7,900 units including supercars.

Separately, Ferrari Financial Services S.p.A. Or "FFS S.p.A.", an Italian indirect subsidiary of Ferrari N.V., and FCA Bank S.p.A. Or "FCAB" announced that FCAB has acquired a majority stake in Ferrari Financial Services GmbH or "FFS GmbH" for a total purchase price of 18.6 million eurosupon consummation of the share purchase agreement entered into by the parties earlier this year. As a result of the funding being directly provided by FCA Bank, which will be the consolidating entity, Ferrari N.V. will receive 432 million euros.

Ferrari's Adjusted EBIT for the third-quarter was 172 million euros, up 23% from last year as a result of higher volumes, reflecting the 488 family, the F12tdf and first deliveries of the GTC4Lusso as well as a positive margin contribution from our personalization programs, partially offset by the 458 family and the FF phase-out. Mix was negatively impacted (Euro -12 million) by LaFerrari, that finished its limited series run, partially offset by the newly launched LaFerrari Aperta and higher sales of V12 vs.

Net revenues for the quarter were 783 million euros, an increase of 8.3% from the prior year, while it was up 7.9% at constant currencies.

Shipments totaled 1,978 units in the recent quarter, up 29 units from previous year, a solid performance on top of an outstanding third-quarter 2015 which grew by 21% vs. third-quarter 2014. This achievement was driven by a 15% increase in sales of our 12 cylinder models (V12), led by the success of the F12tdf, first deliveries of the GTC4Lusso and the newly launched LaFerrari Aperta. Shipments of the 8 cylinder models (V8) were substantially in line with the prior year.