MILAN (Reuters) -Luxury sports-car maker Ferrari on Tuesday posted a larger-than-expected 5% increase in third-quarter core earnings, thanks to its strong pricing power supported by models in the SF90
XX and 12Cilindri lines.
The Italian company said earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to 670 million euros ($781 million) in the July-September period.
That topped analysts' consensus of 649 million euros in a Reuters poll.
Milan-listed shares in the company reversed earlier losses after the results were published and by 1210 GMT they were up 1.8%.
Increased personalisations - touches clients add to the cars they buy and pay extra for - also contributed to the result, Ferrari said, while vehicle shipments were almost flat in the quarter at 3,401 units.
Ferrari confirmed its full-year forecasts, which it slightly improved last month when it presented a new long-term business plan.
Net revenue is seen at at least 7.1 billion euros and adjusted EBITDA at at least 2.72 billion euros in 2025.
Before Tuesday's rebound, Ferrari shares had lost nearly a fifth of their value since its October 9 capital markets day, with analysts and investors disappointed over the company's long-term financial targets, which were seen as too conservative.
For 2030, Ferrari guided for net revenue of around 9 billion euros and for adjusted EBITDA of at least 3.6 billion euros.
($1 = 0.8575 euros)
(Reporting by Giulio Piovaccari, editing by Kirsten Donovan)
