Ferrari Raises Profit Target on Lift From $2.1 Million Aperta
- Shares jump the most since February after earnings beat
- Engine sales to Formula 1 teams, Maserati nearly doubled
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Ferrari NV raised its 2016 profit target after third-quarter earnings beat analyst expectations on initial deliveries of the $2.1 million LaFerrari Aperta.
The company raised its forecast for full-year adjusted earnings before interest, taxes, depreciation and amortization to about 850 million euros ($941 million) from its previous target of at least 800 million euros, Ferrari said in statement on Monday. Third-quarter adjusted Ebit jumped 23 percent to 172 million euros, beating an average estimate of 144 million euros from five analysts surveyed by Bloomberg. The stock jumped as much as 5.8 percent, the biggest gain since February.