The records, Ferrari does not beat them as Formula One circuits.
Confirming the very good trajectory
in recent years, the Italian manufacturer of luxury cars on Monday reported third quarter results higher than analysts' expectations. It revised upwards in the wake of its forecast for 2019, which propelled the share price to its highest point on the Milan Stock Exchange.
In the first 9 months of the year, the prancing horse firm sold 7.755 cars, 900 more than during the same period in 2018. This growth largely offsets the decline in engine sales, which plummets by a third of a drop in demand from Maserati (remained in the lap of Fiat Chrysler). In total, 9-month revenues increased by 8% to 2.83 billion euros at constant exchange rates, including nearly 400 million revenues from brand operation and sponsorship. Adjusted operating profit increased from 630 to 698 million.
Targets revised upwards
These good figures have pushed Ferrari to expect now a turnover over the year of about 3.7 billion euros, against 3.5 billion previously. The operating result is now expected to 920 million euros, against a range of 850-900 million previously.
Many news that have delighted investors. In Milan, the stock closed after a rise of 6.60% to more than 153 euros, its historical high. So the rest of the industry is depressed or anxious about the constraints related to CO2 emissions or the market downturn, the Maranello company
foils the crisis on its niche market
, which is undoubtedly more of the luxury industry (the entry-level model is 200,000 euros) than the automobile.
Ferrari also intends to consolidate this positioning: the company announced Monday a partnership with Armani, another icon of Made in Italy, to increase the volume of high-end derivatives. A strategy inherited from Sergio Marchionne, the boss who died in 2018, who wanted to turn Ferrari into an authentic luxury brand. These derivatives must provide 10% of operating income within 7 to 10 years.