Ferrari Reports Solid Quarter, Raises Outlook

Shares of Ferrari N.V. (RACE) - Get Report were higher on Monday after the company raised its full-year guidance. The luxury sports car maker reported a 20% increase in profit to 113 million euros for the fiscal third quarter. Net revenues of 783 million euros topped expectations of 763 million euros, while shipments rose 1% driven by strong sales of Ferrari's 12-cylinder models.

The company raised its full-year EBITA to above 850 million euros, compared to its prior outlook of about 800 million euros. It also lowered its estimated debt to below 700 million euros. Ferrari confirmed its forecast of shipments for the year at around 8,000 units with revenues around 3 billion euros.

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