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18 days ago
Ferrari Q2 core earnings rise 24 pct, confirms guidance
August 2, 2017 / 9:38 AM / 18 days ago

Ferrari Q2 core earnings rise 24 pct, confirms guidance

MILAN, Aug 2 (Reuters) - Italian luxury sportscar maker Ferrari reported a 24 percent rise in second-quarter core earnings on Wednesday and kept its full-year guidance disappointing some investors who had expected it to lift its outlook.

Milan-listed shares in the company extended their losses after the release, with the stock down 2.7 percent by 0931 GMT.

Ferrari said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in April-June rose to 270 million euros, in line with a Thomson Reuters SmartEstimate of 271 million euros.

Quarterly revenues were up 14 percent to 920 million euros, also matching expectations, helped by sales of its 12 cylinder models such as the GTC4Lusso and the recently-launched LaFerrari Aperta hybrid convertible. (Reporting by Agnieszka Flak)

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