Ferrari (NYSE:RACE) preliminary earnings for the luxury car company’s third quarter of 2019 have RACE stock taking off on Monday. This is thanks to its adjusted diluted EPS of $1.00. That’s above Wall Street’s estimate of 95 cents for the quarter. Revenue of $1.02 billion also blows past analysts’ estimates of $980.80 million for the period.
Let’s take a deeper dive into the preliminary Ferrari earnings report.
- Adjusted diluted per-share earnings are up 13.54% YoY from 88 cents.
- Revenue is 9.36% better than the $932.68 million reported in the third quarter of 2018.
- Net income for the quarter comes in at $188.09 million.
- That’s down 41.12% from net income of $319.43 million reported in the same period of the year prior.
- The quarter also includes a total of 2.47 billion in unit shipments.
- Unit shipments from the same time last year were 2.26 billion.
The Ferrari earnings report update also includes new guidance from the company. This has it expecting adjusted diluted earnings per share between $4.12 and $4.17. The previous outlook ranged from $3.90 to $4.12. This is good news for RACE stock with Wall Street expecting EPS of $4.04 for the year.
That outlook update in the preliminary Ferrari earnings report also has it bumping 2019 revenue expectations up to roughly $4.12 billion. The previous outlook was for revenue below $3.90 billion. $4.10 billion is what analysts are estimating from RACE stock in 2019.
RACE stock was up 5.35% as of Monday afternoon. The stock is also up 63.51% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.