Ferrari profits rise but Italian stallion won’t change gear on full-year guidance

Profits at supercar manufacturer Ferrari rose almost five per cent in its third quarter, however the firm stuck to its full-year earnings guidance.

The lack of an upgrade caused its share price to fall more than three per cent on the New York Stock Exchange in the first hour of trading this afternoon.

Shareholders were looking to see if the company could maintain its strong growth, after reporting a run of record earnings helped by limited edition models and a bespoke design programme.

Earnings for the three months to September 2018 rose to €278m (£243.2m) from €266m the year before, slightly missing analyst estimates of €282m according to a poll by Refinitiv.

Ferrari's forecast for 2018's earnings before tax and other items remained at €1.1bn, indicating the company expects profits for the fourth quarter to be flat compared to the same period in 2017.

Revenue were also slightly below expectations, coming in at €838m for the quarter. 

At a strategy update in September, new boss Louis Camilleri promised 15 new models, including hybrid vehicles, a utility vehicle and more special editions. Ferrari hopes to double its earnings to between €1.8bn and €2bn by 2022.