Ferrari Shares Rev Higher On Q3 Earnings Beat, Guidance Raise

Ferrari NV RACE reported third-quarter earnings of $1.01 per share on Monday, which beat the analyst consensus estimate of 95 cents by 6.32%. This is a 14.77% increase over earnings of 88 cents per share in the same period last year.

The Italian automaker reported quarterly sales of $1.025 billion, which beat the analyst consensus estimate of $980.8 million by 4.51%. This is a 7.29% increase over sales of $955.32 million in the same period last year.

Ferrari raised fiscal year 2019 EPS guidance from a range of $3.885-$4.107 to $4.14-$4.20 versus the $4.04 analyst estimate.

The company raised its fiscal year 2019 sales outlook from $3.885 billion to $4.14 billion against a $4.1-billion Street estimate.

Ferrari shares were trading up 6.72% at $172.23 in Monday's premarket session. The stock has a 52-week high of $170.50 and a 52-week low of $93.85.

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