MILAN (Reuters) – Ferrari lowered its profit margin forecast for the full year on Wednesday, despite beating expectations in the third quarter and raising its operating profit target, buoyed by a double-digit increase of his expeditions.
The Italian sports car maker’s profit margin is now expected to be around 35% in 2022, down from a previous forecast of over 35%.
Industrial costs and research and development spending increased in the last quarter, mainly due to higher depreciation and inflation, Ferrari said.
On the adjusted earnings before interest, tax, depreciation and amortization (EBITDA) side, the manufacturer now expects to make more than 1.73 billion euros, against an already improved forecast of 1.70-1.73 billion euros. provided three months earlier.
After briefly edging higher after the earnings release, Milan-listed Ferrari stock fell as much as -2.4%. Around 12:35 GMT, the stock was down 1.4%.
In the third quarter, the group’s adjusted EBITDA rose 17% to 435 million euros, beating analysts’ expectations of 418 million euros, according to a Reuters consensus.
(Report Giulio Piovaccari; French version Dagmarah Mackos, edited by Kate Entringer)
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