The luxury sports car maker Ferrari (BIT: RACE) reported better-than-expected third-quarter earnings on Tuesday. The company revenues sank by 3% to 888 million euros, from 915 million euros in the same period last year and Profit was €171m in the quarter, up slightly from €169m in the same period last year. Meanwhile, the shipments were down by 161 units, to 2,313 vehicles.
"Solid proof that we are now running on all cylinders and we will get larger improvements from focusing on other parts of our business, including Formula 1," Ferrari CEO Louis Camilleri said. He also expects Ferrari's first fully electric model to arrive after 2025.
Ferrari is expected to announce one more new model before the end of the year after the company in September launched the Portofino M, a modified version of its top-selling grand tourer.
The strong earnings boosted the Ferrari share price on the Milan stock exchange where the stock traded more than 7% higher in afternoon trading on Tuesday.