Ferrari Q3 Profit Doubles; Affirms FY18 Outlook - Quick Facts

(RTTNews) - Ferrari N.V. (RACE) on Monday reported third-quarter net profit that doubled to 287 million euros from 141 million euros in the prior-year quarter. Earnings per share were 1.51 euros, up from 0.74 euros last year.

The company noted that the tax rate in the quarter was significantly reduced as a result of the advance agreement on Patent Box signed on September 11, 2018 with the Italian Revenue Agency.

The benefit for the three-year period from 2015 to 2017 was recognized in the quarter for 141 million euros, of which 139 million euros was from direct and 2 million euros from indirect use of copyrights, patents, trademarks, designs and know-how.

Adjusted net profit for the quarter was 146 million euros or 0.77 euros per share, compared to 141 million euros or 0.74 euros per share in the year-ago period.

Adjusted EBIT was 203 million euros, an increase of 0.4 percent year-over-year.

Third-quarter net revenues were 838 million euros, up 0.3 percent from 836 million euros in the year-ago period, or up 2.2 percent at constant currency. Total shipments were 2,262 units, up 216 units or 11 percent from last year.

Looking ahead, the company confirmed its 2018 outlook for shipments of more than 9000 units, including hypercars, net revenues of more than 3.4 billion euros, and adjusted EBITDA of 1.1 billion euros or more.