Ferrari's IPO now looks pretty smart, as the luxury carmaker posts strong third-quarter earnings
Hollis Johnson
Shares were up 5% ahead of the markets' open, to $54. They had closed on Monday at $51 and are up 7% year-to-date
"Ferrari raised its outlook for the year after reporting a better-than-expected 10 percent rise in third-quarter adjusted core earnings," Reuters reported.
The carmaker increased its pre-EBITA expectations to "around 850 million euros this year, compared to a previous indication of at least 800 million euros," according to Reuters.
Ferrari was spun off from parent Fiat Chrysler Automobiles in a 2015 IPO and has been a car-industry success story in 2016, as other automakers have seen their shares languish.
Business Insider
Ferrari rolled out two new vehicles in 2015-2016, the 488 GTB and the GTC4Lusso, the former a successor to the legendary 458 and the latter a replacement for the all-wheel-drive FF.
The automaker is aiming to increase production over the remaining course of the decade, beyond its traditional 7,000 or so vehicles. Ferrari is targeting growth markets, in Asia and the Middle East while maintaining its historic strength in North America.
- As Ilya Sutskever announces OpenAI exit, here’s a quick recap of his involvement in Sam Altman's firing last year
- DHFL scam, simplified: Here’s all about the Dheeraj Wadhawan case — allegedly India’s biggest banking loan fraud ever
- India-UK trade pact: Work in progress to resolve pending issues
- 5 most colourful mountains in the world
- Vivo takes the top spot in India: Top smartphone brands in Q1 2024
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market