No slowdown: Ferrari revs up profit forecasts

Slowdown?

Well, not so you’d notice at Ferrari.

The supercar maker on Tuesday (November 3) said profits would be right at the top end of forecasts.

It now expects 2020 adjusted earnings to exceed 1.3 billion dollars.

And it also predicts a profit margin at the top of end of its previous forecast, close to 33%.

That despite being forced to halt all production for a period in the spring.

In the third quarter overall shipments were actually slightly down on the year.

But sales of its most high-price, high-margin vehicles rose.

Shipments of the 12-cylinder cars were up over 15% in the July-September period.

That helped adjusted earnings for the quarter to beat forecasts at about 386 million dollars.

Ferrari’s Milan-listed shares were up around 4 percent by early afternoon Tuesday.