Ferrari raises 2019 outlook after solid third-quarter results, shares jump

Ferrari raises 2019 outlook after solid third-quarter results, shares jump

FILE PHOTO: A group of Ferrari owners park their cars to show on display at the SVGT car enthusiast gathering in San Diego, California, U.S., April 28, 2018 REUTERS/Mike Blake/File Photo

MILAN (Reuters) – Ferrari (RACE.MI) raised guidance for full-year results on Monday after what the Italian luxury carmaker described as “solid” results on all metrics in the third quarter on the back of strong sales of its Portofino and 812 Superfast models.

The company said its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) would come at around 3.7 billion euros ($4.1 billion) this year, topping a previous forecast of more than 3.5 billion euros.

Milan-listed shares in Ferrari rose as much as 5.6% after results were published and were up 4.8% by 1150 GMT

Reporting by Giulio Piovaccari

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