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Ferrari core earnings rise but shares slide after no upgrade to guidance


Added 08-02-19 07:03:01am EST - “Shares in Ferrari went into reverse on Friday as the Italian luxury carmaker fai...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Ferrari core earnings rise but shares slide after no upgrade to...”. Below is an excerpt from the article.

MILAN (Reuters) - Shares in Ferrari (RACE.MI) went into reverse on Friday as the Italian luxury carmaker failed to lift its guidance for 2019 despite strong results in the first part of the year.

Releasing its second quarter results, the company confirmed that it was on track for the higher end of the guidance range for all relevant figures. However, that left some disappointed that there was no upgrade signaled.

“The market was expecting them to raise their guidance for the year,” a Milan-based trader said.

Trading in Milan-listed shares was halted for excessive declines after a 6.9% drop and they were down 3.95% by 1024 GMT.

For 2019, Ferrari forecasts its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to rise around 10 percent to between 1.2-1.25 billion euros. Sales are seen growing more than 3 percent to more than 3.5 billion euros.

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