Investing.com -- Ferrari N.V. (NYSE: RACE) reported third-quarter earnings and revenue that fell short of analyst estimates on Tuesday, sending shares down 2.9% in trading following the release.
The luxury automaker posted adjusted earnings per share of €2.08, missing the consensus forecast of €2.18. Revenue came in at €1.64 billion, below expectations of €1.8 billion.
Despite the miss, Ferrari (NYSE:RACE)'s Q3 revenue still grew 6.5% YoY, while adjusted EBIT rose 10.3% to €467 million. The company cited a strong product mix and increased personalizations as key drivers.
"The third quarter once again shows growing results for Ferrari, driven by a strong product mix and increased personalizations," said CEO Benedetto Vigna in a statement.
Total (EPA:TTEF) vehicle shipments declined 2.2% YoY to 3,383 units in Q3, reflecting deliberate geographic allocations. Shipments fell in China and the Americas but rose in Europe and the rest of Asia Pacific.
Looking ahead, Ferrari expressed "even more confidence" in its full-year 2024 guidance. The company now expects revenue of over €6.55 billion and adjusted EPS of at least €7.90.
While Q3 results missed estimates, Ferrari maintained a strong order book with visibility into 2026. The company also highlighted progress on electrification and sustainability goals, including the early shutdown of its gas-fueled power plant in Maranello.