Ferrari (RACE.US) Q3 shipments down 2% YoY, net income up 6.5%

Zhitong Finance learned that Ferrari (RACE.US) said on Tuesday that its core earnings in the third quarter grew 7% despite a slight decline in car shipments, as the luxury sports car maker continued to benefit from a richer product supply and growing personalized demand. The Italian company said in a statement that its adjusted EBITDA in the third quarter was 638 million euros ($695 million), in line with analysts' average estimate of 635 million euros. Adjusted net profit was 375 million euros, and adjusted diluted EPS was 2.08 euros.

The net income in the third quarter was 1.644 billion euros, up 6.5% YoY. The revenue from cars and parts business was 1.4 billion euros, up 5.2% YoY, benefiting from richer products and higher personalization. The revenue from sponsorship, commerce and brand was 174 million euros, up 20.4% YoY, mainly due to new sponsorship.

The total shipments in the third quarter of 2024 were 3,383 units, down 2.2% YoY. The quarterly shipments reflected deliberate geographical allocation. The EMEA region increased by 28 units, the Americas region decreased by 26 units, and the Mainland China, Hong Kong and Taiwan decreased by 114 units, while the other Asia increased by 36 units.