Ferrari purred to a 20 per cent jump in third quarter profit, bumping up its 2016 financial forecasts for the second time this year.
Net revenues grew 8.3 per cent, or 7.9 per cent on constant currencies, to €783m (£697.6m). That was above expectations of €763m, while shipments were up one per cent to 1,978 vehicles.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were at €234m; up from a €211m Thomson Reuters analyst consensus.
Net profit for the three months ended 30 September was up 20 per cent to €113m (from €94m) as Ferrari sold more of its higher margin 12 cylinder cars. This quarter marked the first inclusion of LaFerrari Aperta shipments, a limited edition model.
The company's net industrial debt was down to €585m, an improvement on June.
Shares were up five per cent to €48.51, making it the second biggest riser on the Euro Stoxx 600 on Monday.
— Tommaso Ebhardt (@TEbhardt) November 7, 2016
Why it's interesting
The Italian luxury car firm was spun off from Fiat Chrysler at the beginning of the year and it has made some interesting developments since. Chief executive Sergio Marchionne, who also runs Fiat Chrysler, wants to broaden Ferrari's scope beyond luxury cars, but despite numerous management changes, it remains known as a sports car manufacturer rather than a luxury goods brand.
What the company said
The firm said it was aiming to have net industrial debt under €700m at the end of the year. It was down to €585m by the end of September, from €763m in the second quarter.
In a recent interview with Car magazine, Marchionne said: "The industry is at a crossroads. I don't think any of us has an idea as to what the right answer is. To me, the biggest issue is the impact technology has on what we are doing."
He added that products will go through a cycle "of becoming either technologically obsolete or technologically relevant".
It may be struggling to shift perceptions of its brand, but Ferrari's 2016 just shifted up a gear as it raised forecasts on the back of solid results.