Ferrari Q3 Net Profit Rises 10%; Boosts FY22 Outlook

(RTTNews) - Italian luxury sports carmaker Ferrari N.V. (RACE) reported Wednesday that its net profit for the third quarter increased to 228 million euros or 1.23 euros per share from 207 million euros or 1.11 euros per share in the prior-year quarter.

Net revenues for the quarter increased 18.7 percent to 1.25 billion euros from 1.05 billion euros in the same quarter last year. Net revenue grew 13 percent at constant currency.

Shipments for the quarter totaled 3,188 units, up 438 units or 15.9 percent from last year, driven by the 296 GTB, which was in the ramp up phase along with the 812 Competizione.

Looking ahead for fiscal 2022, Ferrari now projects adjusted earnings of approximately 5.00 euros per share on net revenues of approximately 5.0 billion euros.

Previously, the company expected adjusted earnings in the range of 4.80 to 4.90 euros per share on net revenues of approximately 4.9 billion euros.

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